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Pledged holding analysis, December 2024 quarter. Our analysis of the pledged holdings of BSE-500 stocks shows that the value of the promoter (majority shareholder) pledged holding, as a percentage of the promoter holding, has declined to 0.84% in the December 2024 quarter from 0.87% in the September 2024 quarter. Promoters of 69 companies in the BSE-500 Index have pledged a part of their holdings in the December 2024 quarter. The value of pledged promoter holdings stood at Rs1.63 tn (about 0.4% of the total BSE-500 Index’s market capitalization). We clarify that the pledging of shares does not necessarily imply that a company or a promoter is under financial stress; banks (lenders) could have sought additional security in the form of promoter shares.

Highlights of the December 2024 quarter pledged holding disclosures

* Companies in which pledged promoter holdings increased: IndusInd Bank, Anand Rathi Wealth, Ashok Leyland, Anupam Rasayan and Laurus Lab, among others.

* Companies in which pledged promoter holdings declined: Swan Energy, Krishna Institute of Medical Sciences, Sun Pharma Advanced Research, Aurobindo Pharma and Chambal Fertilisers, among others.

* Fresh promoter pledges: Laurus Labs.

* Companies in which promoters released almost entire pledged holdings/sold stake to repay debts: Sun Pharma Advanced Research and UPL.

* Companies in the Nifty-50, with more than 5% of pledged promoter holdings: Apollo Hospitals (13.5%), Asian Paints (9.2%), IndusInd Bank (50.9%) and JSW Steel (14.1%).

* The report compares changes in pledged holdings between the September 2024 and December 2024 quarters. Changes in pledged holdings after December 2024 have not been incorporated in this report. We have prepared this report based on the latest BSE-500 constituents.

Promoters’ pledged holding analysis

0.84% of promoter holdings was pledged at the end of the December quarter compared with 0.87% in the September quarter

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