PNB Housing Finance shares crashed 18% today; what HFC says
PNB Housing said affirmed that its strategic priorities, business focus, and growth trajectory remain firmly intact, based on the strong foundation that Kousgi has helped build.
- Aug 1, 2025,
- Updated Aug 1, 2025 12:50 PM IST
Shares of PNB Housing Finance Ltd crashed 18 per cent in Friday's trade as Managing Director and Chief Executive Officer Girish Kousgi Housing Finance Limited tendered his resignation. Kousgi resigned after close to three years of service at PNB Housing. In his resignation letter, he said he would pursue opportunities outside.
Following his resignation, the stock fell 18.17 per cent to hit a low of Rs 807 on BSE. With this, the 2025 return for the stock has turned negative at 10.25 per cent. Under Kousgi, the HFC recently reported a 23 per cent year-on-year in the June quarter profit at Rs 534 crore.
"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," he said adding that While the management team is very capable in taking over the mantle with professional ease, I am committed to a smooth transition and will always make myself available to assist in anyway possible during the period," Kousgi said.
PNB Housing said affirmed that its strategic priorities, business focus, and growth trajectory remain firmly intact, based on the strong foundation that Kousgi has helped build.
The PNB Housing board said it 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.
As in the past where seasoned professional candidates have been identified from the sector, the board will immediately commence a search for a seasoned professional with proven expertise and industry experience, PNB Housing said.
R. Chandrasekaran, Chairman of the Nomination and Remuneration Committee, Board of Directors of PNB Housing Finance, 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.”
The PNB Housing board acknowledged the contributions of Girish Kousgi during his tenure. PNB Housing Finance, promoted by Punjab National Bank, emerged as the third largest housing finance company in India. The company’s management remains fully committed to executing its long-term strategy, underpinned by robust governance practices, prudent risk management, customer-centric approach and sustainable growth initiatives.
Shares of PNB Housing Finance Ltd crashed 18 per cent in Friday's trade as Managing Director and Chief Executive Officer Girish Kousgi Housing Finance Limited tendered his resignation. Kousgi resigned after close to three years of service at PNB Housing. In his resignation letter, he said he would pursue opportunities outside.
Following his resignation, the stock fell 18.17 per cent to hit a low of Rs 807 on BSE. With this, the 2025 return for the stock has turned negative at 10.25 per cent. Under Kousgi, the HFC recently reported a 23 per cent year-on-year in the June quarter profit at Rs 534 crore.
"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," he said adding that While the management team is very capable in taking over the mantle with professional ease, I am committed to a smooth transition and will always make myself available to assist in anyway possible during the period," Kousgi said.
PNB Housing said affirmed that its strategic priorities, business focus, and growth trajectory remain firmly intact, based on the strong foundation that Kousgi has helped build.
The PNB Housing board said it 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.
As in the past where seasoned professional candidates have been identified from the sector, the board will immediately commence a search for a seasoned professional with proven expertise and industry experience, PNB Housing said.
R. Chandrasekaran, Chairman of the Nomination and Remuneration Committee, Board of Directors of PNB Housing Finance, 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.”
The PNB Housing board acknowledged the contributions of Girish Kousgi during his tenure. PNB Housing Finance, promoted by Punjab National Bank, emerged as the third largest housing finance company in India. The company’s management remains fully committed to executing its long-term strategy, underpinned by robust governance practices, prudent risk management, customer-centric approach and sustainable growth initiatives.