PNB Housing: Bouncing back?

PNB Housing has shifted strategic focus to affordable housing

- Ananya Roy

NB Housing Finance Ltd has come full circle. Ajai Kumar Shukla took over as managing director and chief executive officer on 18 December, bringing closure to the leadership vacuum created by the sudden resignation of Girish Kousgi on 31 July, an episode that rattled investors.

The stock had slumped 18% on 1 August amid concerns over continuity. But management assurances, followed by the appointment of a seasoned successor, helped restore confidence. Most of the losses have since been recouped. Shukla, who joins from Tata Capital Housing Finance, brings nearly three decades of experience across sales, credit and risk in mortgage.

ICICI Securities upgraded the stock to ‘Buy’ last week. With the stock at ₹966, just 2% below the levels seen before Kousgi’s resignation, the focus shifts to fundamentals.