Can Fin Homes stock under pressure second day in row, sheds 4% on BSE

No word yet on successor to MD & CEO Girish Kousgi, who resigned on Monday

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.