Sea lost the title of the biggest company in Southeast Asia to an Indonesian bank

After its shares fell to an 18-month low, Sea Ltd. lost its position as Southeast Asia's largest publicly listed corporation.

After its American depositary receipts fell to US$120.52 on Wednesday in New York, the Singapore-based online corporation was surpassed by Indonesian lender PT Bank Central Asia. Its market value has dropped from a high of US$202.6 billion in October to US$66.9 billion today. Bank Central Asia has a market capitalization of US$68.5 billion, whereas Singapore's DBS Group Holdings Ltd. has a market capitalization of US$66.1 billion.

Sea went public in 2017 and swiftly became the most valuable business in Southeast Asia, igniting a discussion on Wall Street over whether the gaming, e-commerce, and financial services giant is the next great internet titan or just Exhibit A in a global tech bubble doomed to explode.

Last week, India unexpectedly banned its most popular mobile game application, causing the company's worth to plummet by more than US$16 billion. Investors are fearful that the ban is just the beginning of Sea's problems.

According to Bloomberg statistics, Franklin Dynatech Fund and Blackrock Capital Appreciation Fund Inc. were among asset managers that reduced their positions in Sea in January.