DENYING A GOAL OR AN OBVIOUS GOAL-SCORING OPPORTUNITY (DOGSO) Where a player commits an offence against an opponent within their own penalty area which denies an opponent an obvious goal-scoring opportunity and the referee awards a penalty kick, the offender is cautioned if the offence was an attempt to play the ball or a challenge for the ball; in all other circumstances (e.g. holding, pulling, pushing, no possibility to play the ball etc.), the offending player must be sent off.
He pulled his jersey for a few seconds and then the player fell. According to the DOGSO rule, thats considered holding, not a genuine attempt to play the ball, so the red card and the penalty are correct decisions.