The Impact of the Bank Mandiri Boycott: What Is BMRI’s Stock Price Today?

Bank Mandiri (BMRI) shares are once again drawing attention after a dispute over restrictions placed on the account of a Pati activist triggered calls for a boycott on social media. The sentiment emerged as Bank Mandiri's share price was already under pressure throughout 2026.

On August 24, 2026, BMRI closed at Rp4,200 per share, down 20 points or 0.47%. Pressure was also visible in regular market transactions, which recorded net selling of around Rp37.4 billion.

However, is the decline really the effect of the Mandiri boycott? Share price movements indicate that the issue is not that simple.

Key Takeaways

• Bank Mandiri shares closed at Rp4,200 on August 24, 2026, down 0.47% in a single day.
• BMRI has corrected by around 17.65% YTD, meaning the pressure on the stock does not stem solely from the account-related issue.
• The effect of the Mandiri boycott is more relevant as a reputational and customer trust risk rather than as the sole cause of the stock price decline.

Bank Mandiri Share Price Under Pressure, but Not Only Because of the Boycott

BMRI's share price movement today shows relatively limited pressure. BMRI traded in the Rp4,170–Rp4,220 range before closing at Rp4,200.

Looking at the movements over the previous few days, pressure on Bank Mandiri shares had actually been present before the account controversy emerged. On August 18, BMRI closed at Rp4,150, then fell to Rp4,140 on August 19.

The stock improved on August 20 and surged 1.69% on August 21 to Rp4,220. After the account restriction issue became a public concern, BMRI corrected again on August 24.

This means there is a temporal relationship between the emergence of the issue and the stock's weakness, but there is not yet enough evidence to state that the Mandiri boycott today is the primary cause.

Greater pressure is instead visible over a longer period. BMRI has fallen around 17.65% since the beginning of the year, around 4.11% over one month, and 20.38% over six months.

Read Also: Impact of Bank Mandiri Cancel Culture on BMRI Share Price

Account Controversy Adds to BMRI's Reputational Risk

The controversy began with restrictions on transactions involving an account belonging to Supriyono, also known as Botok, which was reportedly holding around Rp80.9 million, including personal funds and donations for activities of the Aliansi Masyarakat Pati Bersatu.

Bank Mandiri stated that the restriction was carried out in response to a request from law enforcement authorities and in accordance with applicable procedures. The bank also apologized to the customer for the inconvenience caused.

On the other hand, there were differences in explanations regarding the nature of the action taken against the account. These differences in information subsequently increased public attention and triggered calls for a boycott of Bank Mandiri on social media.

For investors, the issue needs to be viewed from two perspectives. First, there is currently no basis for concluding that the boycott will immediately change BMRI's financial performance. 

Second, if the issue develops into a widespread decline in customer confidence, its impact could become a reputational risk.

Reputational risk is important for banks because the banking business depends heavily on customer trust in the security of their funds and services.

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Could the Mandiri Boycott Push BMRI Lower?

The effect of the Mandiri boycott on the stock is unlikely to be immediately reflected through just one trading session. The market usually needs evidence that negative sentiment has translated into an impact on fundamentals or customer behavior.

On August 24, net selling of around Rp37.4 billion did indicate selling pressure. However, this figure should also be compared with overall trading volume and market sentiment.

With BMRI already down significantly throughout the year, investors may also have other reasons to sell, ranging from sector rotation and profit-taking to IHSG conditions and expectations for banking performance.

Therefore, BMRI's share price should not be interpreted solely based on a single news story or a single trading day.

Read Also: Bank Mandiri Stock Today: BMRI Under Pressure, Is BBCA Safer?

BMRI Chart Shows Pressure Has Been Ongoing

Based on the one-year price movement chart, BMRI was around Rp4,160 in the latest data shown, compared with around Rp4,759.6 at the previous reference level. 

The chart also shows that the stock was above Rp5,000 at the beginning of 2026 before entering a downward trend.

BMRI even fell close to Rp3,700 in June before recovering toward the Rp4,200–Rp4,500 range.

This pattern indicates that pressure on Bank Mandiri shares has been ongoing for quite some time. The account controversy may serve as an additional sentiment factor, but it cannot yet be considered the primary source of the entire BMRI correction.

For investors, the next price levels and trading volume are more important to monitor. If selling pressure increases alongside high volume, negative sentiment could become more serious. Conversely, price stabilization could indicate that the market considers the issue to have a limited impact on the company's fundamentals.

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What Should BMRI Investors Watch?

Investors should distinguish between short-term sentiment and long-term fundamentals. 

The account controversy may influence market perceptions in the near term, but bank stock valuations remain determined by factors such as credit growth, asset quality, net interest margin, profit, dividends, and economic conditions.

Therefore, the impact of the Bank Mandiri boycott today is more appropriately viewed as a sentiment factor that needs to be monitored, rather than automatic evidence that BMRI's fundamentals have changed.

If the issue develops and begins to materially affect customer numbers, third-party funds, or the company's image, its impact on the stock valuation would then become more relevant.

Read Also: BBCA vs BBRI: Which Is More Attractive to Buy in 2026?

Conclusion

Bank Mandiri's share price at Rp4,200 on August 24, 2026, shows that BMRI remains under pressure. The 0.47% decline occurred while the controversy surrounding the Pati activist's account was receiving widespread attention, but the correction cannot be entirely attributed to the Mandiri boycott.

With a decline of around 17.65% YTD, BMRI had already been facing pressure before the issue emerged. Investors now need to monitor whether the boycott sentiment is only temporary or develops into a reputational risk that affects the business.

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FAQ

What is BMRI's share price today?

Based on trading data from August 24, 2026, BMRI closed at Rp4,200 per share, down 0.47%.

What caused BMRI shares to fall?

BMRI is influenced by various factors, including banking sector sentiment, market conditions, investor activity, as well as the account restriction controversy, which has added to negative sentiment.

Has the effect of the Mandiri boycott already affected BMRI shares?

It cannot yet be confirmed. BMRI's decline occurred alongside the controversy, but the stock had already experienced pressure of around 17.65% YTD, so the decline cannot be attributed to a single issue.

Is BBCA safer than BMRI?

BBCA can be considered more defensive in terms of scale and fundamental characteristics, but that does not mean it is risk-free. BMRI also has strong fundamentals and may offer opportunities when its valuation becomes attractive.

Is BMRI still attractive after the decline?

A price correction does not automatically make BMRI cheap. Investors need to consider valuation, financial performance, credit quality, dividends, and growth prospects before making a decision.