Shares of Aavas Financiers gained over 4% on Tuesday after the Jaipur-based housing finance company announced a leadership change. The company informed exchanges that its Managing Director and Chief Executive Officer, Sachinderpalsingh Jitendrasingh Bhinder, has stepped down with immediate effect. The board has approved the appointment of former Kotak Mahindra Bank executive Manu Yeshpal Singh as his successor.

Following the development, shares of Aavas Financiers rose by as much as 4.4% to ₹1,419 on the BSE, taking its market capitalisation to ₹11,135 crore. The stock has maintained buying momentum for the past nine sessions, adding 26% to its market value.

On a year-to-date basis, the mid-cap stock has declined nearly 4%, though it has rallied over 30% in the past one month. The financial services company has also seen its market value rise 13% over the past six months.

At current levels, the stock is down nearly 37% from its 52-week high of ₹2,238.35, touched on April 23, 2025. It had slipped to a 52-week low of ₹1,050.25 on March 30, 2026.

In an exchange filing on Monday, Aavas Financiers said that its board had accepted Bhinder’s resignation on April 20 due to professional and personal commitments.

Besides, the board approved the appointment of Manu Yeshpal Singh as Managing Director and CEO, subject to approval from the Reserve Bank of India. The appointment is effective from April 21.

“The board believes that Aavas is ready to enter the next phase of scalable growth on its ambitious journey. Manu Singh brings relevant sector expertise, operating experience, and leadership capabilities, and we look forward to working with him as Aavas builds on the strong foundation already in place,” said Sandeep Tandon, chairperson of Aavas.

The move follows a structured, board-led succession process aimed at ensuring continuity in leadership, strategy, and governance as the company enters its next phase of growth.

Singh joins Aavas from Kotak Mahindra Bank, where he served as President and Business Head for Housing Finance, overseeing the home loans segment. He brings over 25 years of experience across Kotak Mahindra Bank, Tata Capital, and ICICI Bank, with a strong track record in scaling retail lending businesses.

His expertise spans sourcing, credit, operations, and collections, along with deep experience in regulated environments, with a focus on risk management, governance, and execution.

The company said it remains focussed on its core strategy of disciplined growth in the affordable housing finance segment, supported by prudent underwriting and continued investments in compliance, distribution, and technology.

Meanwhile, Bhinder will continue to support the company as a senior advisor to ensure a smooth transition.

The appointment will take effect upon receipt of regulatory clearance from the Reserve Bank of India and approval from shareholders, the company said.