Promoter pledging in S&P BSE 200 fell during the March 2019 quarter to 12.9% against 13.3% during the previous quarter. This comes on the back of eight-year high pledging in the December 2018 quarter. Value of shares pledged stood at $20 billion, which is 12.9% of promoter equity and 1.2% of BSE200 market capitalisation, according to a report by Axis Capital. \u201cOf the 41 companies that have pledged their shares, more than 50% companies saw increase in pledging, while 20% saw a decline,\u201d said Pankaj Kadu, vice-president, database at Axis Capital, in a report. In March 2019 quarter, Zee, JSW Steel, Adani Port and IndusInd Bank have revoked entire pledged shares and companies wherein promoter pledge has risen steadily in the past few quarters include JSW Energy, JSPL, Reliance Infra and Sun Pharma. Companies where promoter pledge declined steadily in past few quarters include Adani Ports and Adani Power. While Reliance Capital saw maximum increase in pledge with 97% of promoter share being pledged this quarter against 75% in the last quarter. Jubilant Food saw the sharpest decline to 13% compared to 18% in the previous quarter. Investors too have punished companies with huge debt and high share pledge, prompting some companies to reduce outstanding share pledges.