Mumbai, Aug. 9 -- On 31 July, PNB Housing Finance Ltd announced the resignation of its managing director and chief executive officer Girish Kousgi, just two months after its second-largest shareholder Carlyle sold its entire 10.4% stake in the company.

While the move caught both shareholders and investors by surprise, Kousgi clarified that the decision was entirely personal, driven by career aspirations, and unrelated to Carlyle's exit from the housing finance company.

Still, the announcement triggered a sharp reaction in the markets, with shares plunging over 17%, the steepest single-day fall in nearly seven years.

Kousgi is the third managing director and chief executive to exit the company since its long-serving chief Sanjay Gupta s...