I have a twin stem Dracaena massangeana plant. The larger of the two is thriving and looks very healthy, the smaller one has had issues with browning of the tips and in other areas of the leaves, I have just now noticed it has a red colour to its trunk whereas the larger one does not, I'm now thinking this relates to the issues I'm having but I can't find anything online.

Does anyone have any ideas ?

Not sure about the stem color.
Maybe a reaction to being hacked just above?

If it turns black I'd guess root-rot., but that seems unlikely.
If it was mine I'd offer it a hell of a lot more water.

Soak and dry has worked well for me.
The soak is important, just don't let them stay moist too long.

Those leaves are older, so natural decay will occur.
I wait for about 40-60% dead leaf depending on the plant before removing, aesthetics allowing. Remove it before it starts drawing energy away from the plant instead of adding it.

Lastly, those leaves look like they've been trimmed before.
Common in retail/wholesale to cut long sections of dead leaf off and approximate the tip of natural growth. Dead tissue won't tip people off for days or weeks.

Hi & welcome! I wonder if the reddishness on the one trunk is sealing wax? Are you able to add a pic of the whole plant?