Shares of Steel Authority of India Limited (SAIL) slipped 0.91% on 2 April after the Maharatna PSU confirmed the exit of its Chairman and Managing Director, Amarendu Prakash, effective 1 April 2026.

The resignation was first submitted to the Ministry of Steel on 2 January 2026 and was approved by the competent authority before taking effect. Prakash stepped down without completing his full tenure, the first such instance in SAIL’s history.

To keep things running, the Ministry of Steel handed Krishna Kumar Singh, Director (Personnel), additional charge of the CMD post for three months, from 2 April to 1 July 2026, or until a permanent successor is named, whichever comes first.

The stock reaction was also shaped by falling global metal prices, with copper, aluminium, and zinc all declining on renewed fears of US military action against Iran. Rising crude oil prices added to the pressure, pushing up input and logistics costs for steel producers.

Reports have linked Prakash’s exit to an alleged financial irregularity involving losses of nearly Rs 800 crore during his tenure, with around 29 individuals said to be connected to the matter. No official action has been announced on recovery or accountability.

On 2 April, SAIL closed 0.42% lower at Rs 155.16 on NSE, touching an intraday low of Rs 150.28 during the session.

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