PNB Housing Finance experienced a significant market shock as its shares plunged 17% in a single day, marking the stock's steepest decline in over four and a half years. The dramatic drop came in the wake of an unexpected announcement: the resignation of Girish Kousgi, the company's Managing Director and CEO.

CEO Resignation Sparks Market Turmoil

Kousgi, who cited personal reasons for his departure, leaves PNB Housing Finance at a critical juncture. The news of his resignation sent shockwaves through the market, triggering a massive sell-off that saw the stock price tumble to ₹811.15 by the close of trading.

F&O Ban Imposed

The intense trading activity surrounding PNB Housing Finance shares led to an unusual development in the derivatives market. As the market-wide position limit surpassed the 95% threshold, the stock entered the Futures & Options (F&O) ban. This restriction means that no new derivative positions can be created on the stock until it exits the ban period.

Unprecedented Trading Volumes

The market's reaction to the news was evident in the extraordinary trading volumes witnessed:

• Over 3.2 crore shares were traded
• This volume far exceeded the 20-day average of 9-10 lakh shares
• The total value of shares changing hands surpassed ₹2,717.00 crore

Promoter's Response

Punjab National Bank, the promoter of PNB Housing Finance, moved to quell speculation about the resignation. The bank confirmed that Kousgi's decision to step down was indeed for personal reasons, as stated. In a notable development, PNB also announced that the search for a new MD & CEO would focus on external candidates.

Stock Performance

The day's events have had a significant impact on PNB Housing Finance's stock performance:

The sudden leadership vacuum and the resulting market volatility have raised questions about PNB Housing Finance's immediate future. As the company begins its search for a new leader, investors and market watchers will be keenly observing how this transition unfolds and its potential impact on the company's strategic direction and market position.

PNB Housing Finance , a prominent player in India's housing finance sector, has announced significant leadership changes, including the resignation of its CEO and the appointment of new executive roles.

CEO Resignation

Girish Kousgi, the current Chief Executive Officer of PNB Housing Finance, has submitted his resignation, which was accepted by the board on July 31, 2025. Kousgi's tenure will conclude on October 28, 2025. As part of his departure, he will also step down from the boards of the company's subsidiaries, PHFL Home Loans and Services Ltd. and PEHEL Foundation.

Punjab National Bank's Managing Director and CEO, Ashok Chandra, clarified that Kousgi's decision to leave was personal and not due to any internal challenges or business issues. The board acknowledged Kousgi's transformative leadership during a period of significant organizational change.

New Leadership Appointments

In response to these changes, PNB Housing Finance has announced two key appointments to strengthen its leadership team:

1. Jatul Anand has been designated as Executive Director for the Prime and Emerging Business segment. His role will encompass overseeing Sales, Credit, Product, and Collections in this division. Anand's appointment is effective from August 2, 2025.

2. Valli Sekar has been named Chief Business Officer for the Affordable Business vertical. She will be responsible for Sales, Credit, Product, and Collections within the affordable housing segment. Sekar's new role also commences on August 2, 2025.

Executive Profiles

Jatul Anand

• Previously served as the Chief Credit & Collections Officer at PNB Housing Finance
• Joined the company on June 19, 2013, with over 12 years of service
• Possesses 22 years of overall experience in the financial sector
• Holds a bachelor's degree in commerce from the University of Delhi
• Member of the Institute of Chartered Accountants of India since 2002
• Prior experience includes roles at ICICI Bank Limited and Standard Chartered Bank

Valli Sekar

• Formerly the Chief Sales and Collection Officer for the Affordable Business segment
• Joined PNB Housing Finance on June 6, 2022
• Instrumental in establishing the company's affordable business vertical
• Brings 25 years of overall experience to her new role
• Holds a bachelor's degree in commerce from Manonmaniam Sundaranar University Tirunelveli
• Previous associations include Shriram Housing Finance, Mahindra Housing Finance, and Aadhar Housing Finance

These leadership changes come at a crucial time for PNB Housing Finance as it navigates the dynamic housing finance market in India. The new appointments are expected to drive the company's growth strategy in both its prime and affordable housing segments.

As the company prepares for this transition, stakeholders will be watching closely to see how these changes impact PNB Housing Finance's market position and future growth trajectory in the competitive housing finance sector.