PNB Housing Finance names Ajai Kumar Shukla as MD, CEO; shares rise by 5%

India's PNB Housing Finance on Friday appointed Ajai Kumar Shukla as managing director and chief executive officer for five years starting December 18, sending shares of the mortgage lender up 5%.

Shukla, who has more than three decades of experience in housing and mortgage lending, will replace Girish Kousgi, who was viewed by analysts as a key driver of the company's push into the affordable housing segment, helping its loan book grow faster than rivals.

The appointment comes as large home financiers face intensifying competition from banks in lending for premium homes, while affordable housing has emerged as a more attractive market, offering higher yields amid limited competition.

Shukla is currently the chief business officer at Tata Capital Housing Finance. He has previously held roles in the mortgage businesses of ICICI Bank and LIC Housing Finance.