Shares of Jindal Steel fell over 2% on NSE after CEO Gautam Malhotra resigned within nine months, with no successor named yet.

Malhotra informed the company over the weekend that he is stepping down, citing personal commitments. In his resignation letter, titled ‘Moving On’, he called his time at Jindal Steel a ‘privilege’ and thanked the Board and Chairman for their trust.

He will officially exit the role on 15 July. The company has not named a successor or given any timeline for the appointment.

Malhotra had only been CEO for just under nine months, having taken charge on 28 October 2025. His broader association with Jindal Steel, however, stretched back over two years. He joined the firm in May 2024 and worked across mining, production and AI adoption before his elevation to the top job.

During his tenure, he was credited with strengthening the company’s commercial value chain, particularly sales generation, go to market strategy and logistics support.

The exit comes on the back of a strong March quarter for the company. Jindal Steel posted a consolidated net profit of Rs 1,041 crore, a sharp turnaround from a loss of Rs 304 crore in the same period last year, alongside its highest ever quarterly production and sales.

Before joining Jindal Steel, Malhotra founded FuelBuddy, a doorstep fuel delivery venture, and brought close to 19 years of experience in operations and strategy. He holds an MBA with Honours from Manchester Business School.

By 11:24 am, the stock had pared some losses and was trading at Rs 1,028.20, down 2.20% on the day. Jindal Steel shares have gained 9.68% over the past year.

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