PNB Housing Finance Crashes 16% After MD & CEO Girish Kousgi Quits

Last Updated:August 01, 2025, 11:27 IST

Shares of PNB Housing Finance plunged 16.45% on Friday, hitting an intraday low

PNB Housing Finance Shares: Shares of PNB Housing Finance plunged 16.45% on Friday, hitting an intraday low of Rs 823.95 apiece on the BSE, after the company announced the resignation of its Managing Director and Chief Executive Officer, Girish Kousgi.

In an exchange filing, the company said Kousgi submitted his resignation via a letter dated July 30 to pursue opportunities outside the organisation. The Board of Directors accepted his resignation at its meeting on July 31. The resignation will be effective from the close of business hours on October 28, 2025.

“The board also noted that Girish Kousgi will cease to be a director on the Board of Directors of PHFL Home Loans and Services Limited, and PEHEL Foundation, subsidiaries of the company, with effect from October 28, 2025,” the filing stated.

The board expressed appreciation for Kousgi’s leadership and contribution during his tenure. In his resignation letter, Kousgi said: “I wish to resign from the position of MD & CEO of PNB Housing Finance Limited. I take this opportunity to thank each member of the board, all stakeholders, management and colleagues for their trust and support. It has been an exciting and rewarding journey professionally and otherwise.” Kousgi exits after a three-year stint with the company.

Company Response Post-Resignation

In a separate filing, PNB Housing Finance reaffirmed its commitment to growth and stability despite the leadership change.

“The company affirms that its strategic priorities, business focus, and growth trajectory remain firmly intact, based on the strong foundation that Kousgi has helped build,” it said. The board expressed confidence that the company’s high-performing team would continue to deliver strong growth, maintain asset quality and protect margins.

R. Chandrasekaran, Chairman of the Nomination and Remuneration Committee, said: “The board will initiate a rigorous, transparent and merit-based selection process to appoint a new leader who will further enhance the legacy of PNB Housing Finance. We are confident of identifying a suitable professional soon, who will further accelerate our strategic direction and long-term value creation.”

PNB Housing Finance Share Price History

The stock has fallen nearly 25% over the past month and 18% in the last three months. Despite recent weakness, it remains up 3.82% over the past year and has delivered an impressive 386% return over the past five years.

Aparna Deb

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More

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