Can Fin Homes Managing Director and Chief Executive Officer Girish Kousgi has tendered his resignation on Monday, September 19, in a sudden move.

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In an interaction with CNBC-TV18 in May, Kousgi had said there’s no rejig at the management level and that he intended to continue as MD till his term gets over in September 2024.

Shares of the housing finance company closed at Rs 589.55, 7.25 percent down from its previous close on BSE. The stock touched an intraday low of Rs 580 (-8.75 percent). The shares of the company, with Rs 7,850 crore market cap, underperformed the sector by 8.68 percent on Monday and have lost 11.37 percent in returns since the past two days.

The company in a regulatory filing said: “Pursuant to Sebi’s regulations, we hereby inform you that, Girish Kousgi, Managing Director & CEO of the Company, has conveyed to the board today i.e. September 19, 2022, about his decision to resign for personal reasons".

The filing noted that Kousgi would continue to function as the MD and CEO and discharge duties till the date of his relieving. Some sources said that though the notice period was not mentioned, it won’t be long as he is likely to be moving to another company.

Can Fin Homes’s net profit rose 49 percent to Rs 162.21 crore in the first quarter of FY23 over same quarter in FY22 and even its non-performing assets declined to Rs 179.78 crore as on June 30, 2022, as against Rs 199.99 crore as on June 30, 2021.

Earlier in September, global brokerage firm Jefferies said it was positive on the stocks of housing finance companies owing to strong momentum in housing credit demand. For Can Fin Homes, Jefferies said it saw an upside of 14 percent aided by steady growth and strong asset quality.

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First Published:Sept 19, 2022 4:04 PM IST