SINGAPORE: The head of Indonesia's stock exchange Iman Rachman has resigned, the exchange said on Friday (Jan 30), as the consequences of a warning from index provider MSCI of a possible downgrade that triggered a more than US$80 billion market rout continue to reverberate. The index dropped more than 8 per cent on Wednesday and Thursday, its steepest two-day decline since April. The CEO of the Indonesia Stock Exchange resigned to take responsibility for the market conditions, the exchange's corporate secretary said. The stock market selloff followed MSCI on Wednesday raising concerns about ownership and trading transparency in Indonesian stocks and warning the market risked a downgrade to frontier status if it failed to resolve the issues. Foreign investors sold around a net US$645 million worth of Indonesia stocks in the two-day selloff, exchange data showed.