(Reuters) -Shares of Indian non-bank lender PNB Housing Finance fell more than 16% on Friday to a four-month low, after the unexpected announcement that its CEO Girish Kousgi will step down later this year.

The home financier’s shares were down 16.5% at 823.95 rupees at 10:52 a.m. IST against a 0.1% fall in the benchmark Nifty 50.

More than 18 million shares of PNB Housing changed hands on the National Stock Exchange of India in less than hours of trading, about 17 times their 30-day average daily trading volume.

Kousgi, who took on the top role at PNB Housing Finance in October 2022, will step down from his post effective October 28 to pursue career aspirations outside the organisation, the lender said after market hours Thursday.

The housing finance company said its “strategic priorities, business focus, and growth trajectory remain firmly intact, based on the strong foundation that Kousgi has helped build”.

It also said the board will immediately commence a search for a new CEO.

SBI Securities said the CEO’s resignation is a negative for the stock in the short term.

(Reporting by Vivek Kumar M; Editing by Mrigank Dhaniwala)