State Bank of India (SBI) announced the departure of Nitin Chugh from his position as Deputy Managing Director and Head of Digital Banking & Transformation, effective March 2, 2026. Chugh’s contractual term was originally set to conclude on March 3, 2026, but due to it being a public holiday, he was relieved from his duties on March 2. The bank disclosed this information in accordance with regulatory requirements to the BSE Limited and National Stock Exchange of India Limited.
SBI’s stock, trading under the codes 500112 on BSE and SBIN on NSE, closed at Rs 1189.40, marking a decrease of Rs 12.60 or 1.05%. Over the past week, the stock fell by Rs 38.40 or 3.13%. However, on a year-to-date basis, the shares have shown an increase of Rs 204.7 or 20.79%.
Following the end of Chugh’s contractual term, SBI confirmed his departure without naming a successor for the position in the regulatory filing. The communication to the stock exchanges regarding this decision was signed by Shima Devi, AGM and Company Secretary of the bank.
