Shares of PNB Housing Finance tanked 16.9% on Friday to touch an intraday low of Rs 819.25 apiece on the BSE after the company announced the resignation of its Managing Director and Chief Executive Officer, Girish Kousgi.
According to an exchange filing, Kousgi has tendered his resignation via a letter dated July 30 to pursue opportunities outside the company. The Board of Directors accepted his resignation at its meeting on July 31, with the resignation 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, the subsidiaries of the company, with effect from October 28, 2025 (close of business hours),” the filing mentioned.
The Board of Directors expressed their sincere appreciation for Kousgi’s leadership, mentorship, and dedicated service during his tenure as Managing Director and Chief Executive Officer of the company.
The copy of the resignation letter enclosed with the filing mentioned that Kousgi resigned after a three-year stint with the company. “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 & support. It has been an exciting and rewarding journey professionally and otherwise,” he said.
How PNB Housing Finance reacted?
In another filing with the exchange, the company gave an update post-resignation of MD & CEO, which said that “PNB Housing Finance Reaffirms Commitment to Growth and Stability Amid Changes in Leadership Team”.
“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. The Board is confident that the Company’s high-performing team, which has been instrumental in delivering its strong performance, will continue to achieve the Company’s goals of robust growth, asset quality and margins,” the filing 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,”. R. Chandrasekaran, Chairman of the Nomination and Remuneration Committee, Board of Directors of PNB Housing Finance, said.
Also read: TACO trade or duck for cover? How Sensex, Nifty traders should play Trump tariff tantrum
PNB Housing Finance Share Price History
PNB Housing Finance shares have fallen nearly 25% in the past month and 18% over the last three months. Despite the recent weakness, the stock is up 3.82% over the past year and has delivered a strong 386% return over five years.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
According to an exchange filing, Kousgi has tendered his resignation via a letter dated July 30 to pursue opportunities outside the company. The Board of Directors accepted his resignation at its meeting on July 31, with the resignation 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, the subsidiaries of the company, with effect from October 28, 2025 (close of business hours),” the filing mentioned.
The Board of Directors expressed their sincere appreciation for Kousgi’s leadership, mentorship, and dedicated service during his tenure as Managing Director and Chief Executive Officer of the company.
The copy of the resignation letter enclosed with the filing mentioned that Kousgi resigned after a three-year stint with the company. “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 & support. It has been an exciting and rewarding journey professionally and otherwise,” he said.
How PNB Housing Finance reacted?
In another filing with the exchange, the company gave an update post-resignation of MD & CEO, which said that “PNB Housing Finance Reaffirms Commitment to Growth and Stability Amid Changes in Leadership Team”.
“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. The Board is confident that the Company’s high-performing team, which has been instrumental in delivering its strong performance, will continue to achieve the Company’s goals of robust growth, asset quality and margins,” the filing 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,”. R. Chandrasekaran, Chairman of the Nomination and Remuneration Committee, Board of Directors of PNB Housing Finance, said.
Also read: TACO trade or duck for cover? How Sensex, Nifty traders should play Trump tariff tantrum
PNB Housing Finance Share Price History
PNB Housing Finance shares have fallen nearly 25% in the past month and 18% over the last three months. Despite the recent weakness, the stock is up 3.82% over the past year and has delivered a strong 386% return over five years.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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