PNB Housing Finance Stock Down by More Than 15% After MD & CEO Resigns

Mumbai, August 1, 2025 – PNB Housing Finance Ltd (NSE: PNBHOUSING) shares fell as much as 16.5% in early trade on Friday. This, after the company announced the resignation of MD & CEO Girish Kousgi, effective October 28. The exit, ahead of his four-year term, triggered sharp investor reaction.

At 12:50 p.m. the stock is down by 17.46%, at Rs 814.

Kousgi, appointed in October 2022, led a turnaround that saw the stock rise over 3.2x from November 2022 lows of ₹370 to recent highs of ₹1,200. His unexpected departure raised concerns about leadership continuity and long-term strategic direction.

Stock Movement

PNB Housing opened in the red and was trading at ₹826.35 by 11:05 AM, down 15.78%, after hitting a low of ₹819.05. Sell quantity stood at 32.36 lakh shares against 6.47 lakh buy orders, reflecting continued supply pressure and subdued intraday demand.

Leadership Transition

In a regulatory filing dated July 31, 2025, PNB Housing Finance confirmed that Mr. Girish Kousgi tendered his resignation on July 30, 2025, before completing his four-year term, to pursue external opportunities. The Board accepted his resignation in its meeting on July 31, with the final working day set as October 28, 2025 (close of business hours).

“The Company has gone through transformational journey and today it is future ready and well positioned to lead & stay as a significant player in the industry,” Mr. Kousgi stated in his resignation letter.

He will also step down from the boards of PHFL Home Loans and Services Ltd and PEHEL Foundation, subsidiaries of the company. The Board placed on record its appreciation for Mr. Kousgi’s leadership and commitment, and assured a smooth transition plan is being implemented.

Outlook

The resignation before term completion has raised concerns about succession planning and strategic continuity. The market is treating it as a governance setback. Continued selling and weak bid-side interest suggest near-term pressure may persist until a credible leadership transition is outlined.

About the Company

PNB Housing Finance Ltd is an Indian non-bank housing finance company founded in 1988 and promoted by Punjab National Bank. It offers home loans, plot loans, construction loans, home improvement loans, loans against property, commercial property loans, and lease rental discounting. It operates around 300 branches and outreaches across India. The company is registered with the National Housing Bank and listed on NSE and BSE since November 2016.

REF: https://nsearchives.nseindia.com/corporate/PNBHOUSING_31072025155716_IntimationMDFINAL__1_.pdf

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