Sobha Developers shares hit a new 52-week low after the real estate developer pledged 4.3 million shares or about 5.9 percent of equity
to Bank Sarasin & Co, based in Switzerland.
The bank now holds 13.7 per cent in Sobha through pledged shares. According to media reports, Sobha Developers has pledged upto 24 per cent of equity in Bank Sarasin and Credit Suisse so far.
At 12:50 pm, the stock was down 1.97 per cent at Rs 89.65 after slipping to a 52-week low of Rs 87.15.