A 3:1 reverse split would triple the price but would 1/3rd the number of shares, so that the total value stayed the same. Still can't lose more than 100% of the value.
Could also say that drop from 0.60 to 0.30 (50%) and a drop then from 0.30 to 0.15 (50%) followed by a drop from 0.15 to 0.075 (50%) would be a 150% drop, but the total is only 87.5%.
Also, an increase from 0.60 to 1.20 would be a 100% gain, but then a drop from 1.20 to 0.60 where it started would only be a 50% loss.
Percentages can be interesting things.
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