PNB Housing Finance Ltd. shares tanked as much as 17% on Friday, August 1, after the company’s MD & CEO Girish Kousgi announced his resignation on Thursday, before the completion of his term.Girish Kousgi was appointed CEO in October 2022 for a four-year term. From the time of is appointment till date, shares of PNB Housing had gained over 3.2x, rising from November 2022 lows of ₹370 to the recent highs of ₹1,200.
In an exchange filing that was uploaded on the exchanges on Friday morning, the management of PNB Housing stated that strategic priorities, business focus and growth trajectories remains firmly intact and that the management will be initiating a selection process to appoint a new CEO.
Brokerage firm Morgan Stanley maintained its “overweight” recommendation on PNB Housing Finance, but cut its price target to ₹1,100 from ₹1,300 earlier. It wrote in its note that Kousgi’s resignation casts uncertainties on the company’s growth plans.Investors will be concerned on the way forward in terms of execution, according to Morgan Stanley, who had anticipated a sharp negative stock reaction, which has taken place.
In an exchange filing that was uploaded on the exchanges on Friday morning, the management of PNB Housing stated that strategic priorities, business focus and growth trajectories remains firmly intact and that the management will be initiating a selection process to appoint a new CEO.
Brokerage firm Morgan Stanley maintained its “overweight” recommendation on PNB Housing Finance, but cut its price target to ₹1,100 from ₹1,300 earlier. It wrote in its note that Kousgi’s resignation casts uncertainties on the company’s growth plans.Investors will be concerned on the way forward in terms of execution, according to Morgan Stanley, who had anticipated a sharp negative stock reaction, which has taken place.
However, given the reasonable valuations on the stock, the brokerage has only cut its price target sharply but retained its “overweight” recommendation.
Shares of PNB Housing Finance are trading 17.4% lower on Friday at ₹814.7. The stock is down 26% from the highs of ₹1,200 that it made recently.
First Published: Aug 1, 2025 9:22 AM IS
