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Domestic shares ended lower on Monday as a decline in commodity prices prompted selling in related shares and coal miner PT Bumi Resources plunged on news reports that its finance director had been named a suspect in a tax-evasion case against the company.

The Jakarta Composite Index lost 40.57 points, or 1.5 percent, to 2,702.4, its steepest one-day drop since Feb. 8.

Some 4.4 billion shares worth Rp 3.7 trillion ($407 million) changed hands. Decliners outnumbered gainers 145 to 55.

Edwin J Sebayang, head of research of PT Bhakti Securities, said most of the selling was prompted by declines in the prices of crude oil and gold. However, he said reports that Bumi finance director Eddie J Soebari had been named a suspect in the tax-evasion case hit Bumi shares hard. Bumi tumbled 9.7 percent.

Edwin said the overall selling was largely expected, because the index was technically overbought after a strong three-week rally.

He said foreign investors were net sellers by Rp 350 billion on Monday. He added that he expected the selling to continue today, with the JCI likely finding support at 2,684.

Meanwhile, the rupiah weakened against the US dollar on Monday over concerns that investors would trim holdings of emerging market assets after India unexpectedly raised interest rates, tempering the outlook for regional growth.

The rupiah traded at 9,123, compared with 9,105 on Friday.

“There’s a bit of a pullback in risk appetite, with stocks not looking so good due to concerns on where Greece will get its funds,” said Ho Woei Chen, a regional economist at United Overseas Bank in Singapore. “India’s rate hike was another factor adding to the risk aversion.”

Other declining stocks included PT Adaro Energy, which lost 2 percent, and PT Perusahaan Gas Negara, which lost 2.9 percent.