Shares of PNB Housing Finance tumbled 18% on Friday after its Managing Director and Chief Executive Officer Girish Kousgi announced his resignation and said he will step down on October 28, 2025.
The stock cracked 18.06% to settle at ₹808.05 on the BSE. During the day, it tanked 18.54% to ₹803.30.
At the NSE, it fell sharply by 17.74% to ₹811.15.
The board, while accepting his resignation, noted that Kousgi will cease to be a director on the board of directors of PHFL Home Loans and Services Ltd, and PEHEL Foundation -- the subsidiaries of the company, with effect from October 28, 2025.
In a regulatory filing on Friday, PNB Housing Finance said 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.
R Chandrasekaran, chairman of the nomination and remuneration committee of the board, said the company 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," he said.
