The shares of Can Fin Homes Ltd came under pressure for the second day in a row after its managing director and chief executive officer (MD & CEO) Girish Kousgi resigned stating personal reasons.
The stock of the Bengaluru-based mortgage lender was down 4.1 per cent at Rs 565.4 per share at close of trading on the BSE. The share had tumbled 7.25 per cent on Monday.
On Monday, the company informed the stock exchanges that Kousgi would continue to function as the MD & CEO of the company and discharge his duties till the date of his relieving.
When approached for comments, Kousgi said, “I have resigned, (I am) serving notice period and won’t be able to share anything (else).” Messages sent to officials of the mortgage lender’s promoter Canara Bank did not elicit any response.
The company was planning to raise capital this year following shareholders’ approval to raise up to Rs 1,000 crore.
Promoted by Canara Bank, Can Fin Homes is a deposit-taking housing finance company registered with National Housing Bank. It has a presence in 21 states and Union Territories, and primarily operates in the affordable housing segment.
Can Fin Homes reported a net profit of Rs 162 crore in Q1FY23, on a loan book of Rs 27,538 crore.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor