Mumbai, March 2 (AHN) State Bank of India (SBI) on Monday announced that Nitin Chugh has been relieved from his role as Deputy Managing Director and Head of Digital Banking & Transformation with effect from March 2, 2026.

In a regulatory filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the bank said Chugh’s contractual tenure was scheduled to end on March 3, 2026.

However, as March 3 is a public holiday, he was relieved from his duties at the close of business hours on March 2.

“In terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we inform that the contract period of Nitin Chugh, Deputy Managing Director & Head (Digital Banking & Transformation) is concluding on 03.03.2026, accordingly, he has been relieved from the services of the Bank at the close of business hours on 02.03.2026 (03.03.2026 being a public holiday),” the public sector lender said in a filing.

The disclosure was submitted to BSE Limited and National Stock Exchange of India Limited, where SBI’s shares are listed.

The bank’s stock trades under the code 500112 on BSE and SBIN on NSE. The shares were closed at Rs 1189.40, down by Rs 12.60 or 1.05 per cent on BSE.

In last one week, it dropped by Rs 38.40 or 3.13 per cent. The shares were down by Rs 18.50 or 1.53 per cent in last two weeks.

However, on longer timeframe, it has delivered positive return to investors. On year-to-date (YTD) basis, the shares were up by Rs 204.7 or 20.79 per cent.

In last three months, it jumped Rs 221.65 or 22.9 per cent, according to BSE data.

SBI clarified that the decision follows the completion of Chugh’s contractual term. The bank did not announce any successor for the position in the filing.

The communication to the stock exchanges was signed by Shima Devi, AGM and Company Secretary of the bank.