Aavas Financiers shares decline nearly 4% as CFO, CRO quit; Co clarifies on Moneycontrol report

Shares of Aavas Financiers Ltd. declined as much as 4% on Monday, June 22, after the company reported a change in its top management.

The company, in an exchange filing on Sunday, said its board of directors approved the resignations of President and Chief Financial Officer (CFO) Ghanshyam Rawat and the Chief Risk Officer (CRO) Ashutosh Atre, with effect from September 21, 2026.

The board approved the appointments of Ghanshyam Gupta as the interim CFO, key managerial personnel and Punit Purushottam Agarwal as the interim CRO, senior management personnel, with effect from June 22, 2026.

Who Are Ghanshyam Gupta & Purushottam Agarwal?

Gupta is a chartered accountant with over 18 years of experience, nine of which are at Aavas. His expertise lies in financial planning and strategy, budgeting, MIS, investor relations, and business growth initiatives. He is a strategic partner to leadership, driving profitability and performance improvement, the company said.

Prior to Aavas, he was assosicated with Vaibhav Global, Tata Tech Ltd. and Cagemenini India Pvt Ltd.

Meanwhile, Agarwal is a qualified CA with 13 years of experience, including nine years at Aavas. His experience lies across credit risk, market risk, sales, risk management in retail lending - home loans, construction loans, and LAP, the company said. Prior to Aavas, he was associated with Aditya Birla Capital, HDFC Bank and ICICI Bank.

The board has approved his appointment for a year.

What Does The Moneycontrol Report On Aavas State?

A Moneycontrol report citing sources said the National Housing Bank is currently inspecting Aavas Financiers after an inspection revealed lapses on loan classification.

The NHB has raised concerns about loans ranging from ₹400 crore to ₹500 crore on the ground, which may have been misclassified, according to the report.

What Did Aavas Financiers Say To Moneycontrol Report?

In response to the Moneycontrol report, Aavas Financiers clarified in an exchange filing that it "strongly refutes the assertions and insinuations" contained in the report.

The company went on to add that the NHB, in the ordinary course of its regulatory and refinancing oversight, conducts periodic audits, reviews and supervisory engagements with housing finance companies, including Aavas, and one such inspection is ongoing and not concluded yet.

"Such engagements are a routine part of the regulatory framework applicable to housing finance companies and do not, by themselves, constitute and adverse regulatory finding, penal action, or direction to reverse or repay refinancing facilities," the company wrote in its exchange filing.

Shares of Aavas Financiers were trading 3.7% lower at ₹1,417.4 apiece at 9.30 am on Monday. The stock has gained 1.5% in the past month and is down 2.9% this year, so far.

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