Ashok Leyland is in focus after the company announced on exchanges on Wednesday that its EV business Switch UK has begun a consultation process for the cessation of manufacturing facility in the UK. While this has been seen as positive by most analysts in their brokerage notes today as the company failed to meet expectation, the stock is impacted due to the additional promoter pledge seen yesterday.
This is largely seen as an aftermath to the sharp fall in the share price of IndusInd Bank. Both the companies have the Hinduja Family as the promoter.
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As of December 31, 2024, the promoter had pledged 15.38% of its stake. On March 26, 2025, the company created an additional pledge of 10.21%, taking the total pledge to 25.59%.
In terms of percentage of holding, currently 49.2% of promoter holding is pledged. This is roughly Rs. 16,152 crore as of yesterday's close.
Going forward, the promoter pledge will be a key monitorable. When asked on the same, Shenu Agarwal, MD & CEO, Ashok Leyland, said he is not privy to current promoter pledge increase or the use of the funds but reiterated the utmost focus on Ashok Leyland by the promoter family.
Ashok Leyland share price declined on Thursday following the news of additional pledge of 10.21% by the promoters. Shortly after open, Ashok Leyland's share price declined 4.56% to Rs 205.17 apiece, the lowest level since March 19. However, the stock pared losses later. At 12:30 pm, the stock was trading 0.82% lower at 213.21 apiece.
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