Shares of PNB Housing Finance Ltd declined sharply by 15% intraday on Friday, August 1, to hit the lower price band of ₹838.30 on the BSE, following the resignation of Managing Director and CEO Girish Kousgi. The stock opened near its 10% lower circuit and continued to fall amid strong selling pressure, with no buyers seen on either BSE or NSE in early trade.
In an exchange filing, the company stated that Kousgi submitted his resignation on July 30, which was accepted by the board on July 31. He will officially step down from his role on October 28, 2025, before completing his full four-year term. Kousgi will also exit board positions at PHFL Home Loans and PEHEL Foundation, both subsidiaries of PNB Housing Finance.
Since his appointment in October 2022, the company’s stock has surged more than 200%, supported by strategic restructuring, new business initiatives, and an improvement in asset quality. His leadership saw a pivot toward customer-focused lending models and an expansion into affordable housing—a vertical that also witnessed the recent exit of its business head, adding to market concerns about leadership continuity.
Brokerage analysts flagged the CEO exit as a key risk, especially in light of recent churn in top management. Despite this, the company reported strong Q1 FY26 results: net profit rose 23% YoY to ₹534 crore, net interest income increased 17% YoY to ₹760 crore, and the company raised its NIM guidance to 3.7%, citing strong traction in emerging segments.
PNB Housing Finance reiterated that its strategic direction remains unchanged, and the board has initiated the search for a seasoned replacement with industry experience. Investors are likely to monitor further updates closely amid near-term uncertainty in NBFC leadership stability.