PNB Housing Finance on Friday said it has appointed Ajai Kumar Shukla as managing director and chief executive officer for a five-year term, triggering a sharp rally in the company’s shares.
The appointment, disclosed through a regulatory filing, will be effective from December 18. Following the announcement, the stock rose more than 5% on the National Stock Exchange, reflecting investor confidence in the leadership transition.
Shares of PNB Housing Finance were trading at ₹948.30 around 2:15 pm, up 5.35% on the day, marking their strongest single-session gain since April 11, according to market data cited by Reuters.
Shukla’s elevation comes after the exit of former chief executive Girish Kousgi, who resigned in October to take up a leadership role at IIFL Home Finance. The lender had been without a permanent CEO since then, adding to uncertainty around its strategic direction.
Aged 52, Shukla brings more than three decades of experience in housing and mortgage finance. He currently serves as chief business officer at Tata Capital Housing Finance, where he has spent 16 years. During his tenure, he has led multiple functions including credit, risk, valuation, digital transformation and affordable housing finance.
Before joining Tata Capital, Shukla held senior roles in the mortgage businesses of ICICI Bank and LIC Housing Finance. He began his career at LIC Housing Finance, where he worked for seven years, and holds an MBA.
His appointment comes at a time when housing finance companies are grappling with intensifying competition from banks in the premium home loan segment. At the same time, the affordable housing market is drawing renewed interest, offering higher yields and facing relatively limited competitive pressure, Reuters reported.
Investors will now watch closely for clarity on PNB Housing Finance’s growth strategy, capital allocation priorities and execution under the new leadership, particularly as the sector navigates a shifting competitive and regulatory landscape.