Shares of PNB Housing Finance Ltd experienced a sharp crash on Friday, following the surprise resignation of its Managing Director and CEO, Girish Kousgi. The stock tumbled nearly 18% during intraday trading, hitting a four-month low, and marking one of its worst single-day performances in recent times. This development comes after a continued spell of weak performance, with the stock having already declined 19.59% over the past five trading sessions and 26.53% in the last month.
The resignation triggered heavy selling pressure in the market. PNB Housing shares opened at Rs 887.60 on the BSE, significantly below the previous close of Rs 986.20, and quickly plummeted to an intraday low of Rs 809.10. By midday, the stock was trading at Rs 811.15, down 17.75%. The NSE recorded over 18 million shares traded within the first two hours—nearly 17 times the stock’s 30-day average daily trading volume—indicating investor anxiety and widespread exit from the counter.
In a stock exchange filing, the company confirmed that Girish Kousgi had submitted his resignation via a letter dated July 30, which the board accepted on July 31. His tenure as CEO will formally end on October 28, 2025. Kousgi, who assumed leadership in October 2022, is leaving to pursue opportunities elsewhere. His sudden departure caught investors off guard, fueling fears about the company’s leadership continuity and future direction.
Despite the upheaval, PNB Housing Finance asserted that its business strategy and long-term growth path remain unchanged. The company credited Kousgi for building a strong operational foundation and assured stakeholders that a search for his replacement is already underway.
Still, market analysts remain cautious. According to SBI Securities, the unexpected leadership change is a negative signal that could impact investor sentiment in the near term. The brokerage noted that while fundamentals may remain stable, uncertainty at the top may cause further volatility in the stock price in the coming weeks.
