PNB Housing Finance Shares Crash 16% on Heavy Selling After Surprise Resignation of MD & CEO Girish Kousgi

Shares of PNB Housing Finance Ltd. plummeted 16% on Friday, August 1, hitting the lower circuit limit, after the company announced the unexpected resignation of its Managing Director and CEO, Girish Kousgi. The move came as a surprise to investors, given that Kousgi is stepping down well before completing his four-year term.

PNB Housing Finance MD Girish Kousgi Resigned

According to an official statement issued by the company, Kousgi will continue in his role until October 28, 2025, after which he will relinquish his responsibilities. Kousgi had joined PNB Housing Finance in October 2022, with his term originally set to last until 2026.

The resignation has triggered sharp investor reaction, with shares witnessing a steep sell-off. Analysts suggest that Kousgi's early exit raises short-term concerns about leadership continuity at a time when the company is pursuing aggressive growth plans.

PNB Housing Finance Share Price Today

Share price of PNB Housing Finance Ltd plunged sharply in early trade on Friday, August 1, falling as much as 15.86% to Rs 829.75 as of 10:30 am. The stock opened the session at Rs 883.10 and touched an intraday low of Rs 822.80, reacting strongly to the unexpected resignation of the company's MD.

This steep decline marks one of the stock's sharpest single-day falls in recent months. Despite the abrupt leadership change, the company emphasised stability and continuity in its strategic direction.

"PNB Housing Finance's strategic priorities, business focus, and growth trajectory remain firmly intact, thanks to the strong foundation laid by Mr. Kousgi," the company said in its exchange filing.

It further added that the Board is confident in the abilities of the existing leadership team, which has delivered consistent operational performance. The company also assured stakeholders that a formal search for a new CEO with extensive industry experience will begin immediately.

Know About PNB Housing Finance

PNB Housing Finance, one of India's leading housing finance companies, has been on a recovery path in recent quarters, supported by robust credit demand and improved collections.

PNB Housing Finance Q1 Results Highlights

The company posted a 23% year-on-year (YoY) rise in net profit, which came in at Rs 534 crore for the quarter ended June 30, 2025. This is up from Rs 433 crore reported in the same period last year.

The company's total income rose to Rs 2,082 crore in Q1 FY26, compared to Rs 1,832 crore in Q1 FY25, indicating strong operational momentum despite industry headwinds.

Interest income for the quarter increased to Rs 1,980 crore, up from Rs 1,739 crore a year earlier. Net Interest Income (NII) also grew by 17% YoY to Rs 760 crore, compared to Rs 651 crore in the year-ago quarter.