PNB Housing Finance shares fell sharply by 16.9% after Managing Director and CEO Girish Kousgi submitted his resignation to pursue external opportunities. The leadership change, effective October 28, 2025, triggered investor caution, though the company reaffirmed its growth strategy and operational stability.
PNB Housing Finance Ltd, headquartered in New Delhi, is a leading housing finance company in India. The company operates in the financial services sector and focuses on providing housing loans, loans against property, and construction finance to individuals and corporations. It is a key subsidiary in the broader Punjab National Bank (PNB) group and operates independently as a listed entity.
In a significant leadership development, the company announced that its Managing Director and Chief Executive Officer, Girish Kousgi, has resigned from his position. According to an official filing made with the stock exchanges, the resignation letter dated July 30, 2025, was formally accepted by the Board of Directors during its meeting on July 31. The resignation will come into effect at the close of business hours on October 28, 2025.
Following the announcement, PNB Housing Finance shares saw a sharp decline of 16.9% during intraday trading, touching a low of ₹819.25 on the Bombay Stock Exchange. The market reaction was immediate, reflecting investor concerns over the sudden leadership transition at the top level.
Kousgi, who joined the company three years ago, cited professional reasons for stepping down. In his resignation letter, he expressed gratitude toward the Board, stakeholders, and employees for their continued support, calling his tenure both professionally rewarding and fulfilling.
Also Read: PNB’s Q4 Report Card: Profit Up 52%, Dividend and Fundraising Unveiled
In addition to his exit from the parent company, Kousgi will also step down as a director on the boards of PHFL Home Loans and Services Ltd and the PEHEL Foundation—both subsidiaries of PNB Housing Finance—effective the same day.
In a follow-up statement, the company affirmed its commitment to business continuity, financial discipline, and long-term strategic goals. The Board emphasized that the operational framework and strategic priorities remain firmly in place, built on the foundation laid during Kousgi’s tenure. The company assured investors and stakeholders that the high-performing leadership team continues to drive its performance in terms of asset quality, growth, and profitability.
The Board has also confirmed that a structured and merit-based executive search process has been initiated to appoint a new leader. The focus will be on selecting a candidate who aligns with the company’s strategic direction and long-term value creation plan.
Also Read: PNB Q3 Results: Net Profit Jumps 103%, Asset Quality Improves
As part of the leadership change communication, R. Chandrasekaran, Chairman of the Nomination and Remuneration Committee, reiterated the company’s confidence in identifying a capable successor who can strengthen the leadership team and sustain operational momentum.
Despite the volatility seen in the immediate aftermath of the announcement, PNB Housing Finance’s long-term performance reflects robust returns. While the stock has declined nearly 25% over the past month and 18% in the last quarter, it has posted a 3.82% gain over the past year. Over the last five years, the stock has delivered an impressive 386% return, underscoring the strength of its business fundamentals.
With a strong balance sheet and stable asset quality metrics, PNB Housing Finance aims to navigate the leadership transition smoothly while continuing to focus on operational efficiency and expanding its retail loan book across Tier I and Tier II cities.
READ MORE ON