LSG took to the socials on Friday to reveal the news in a formal yet candid statement.
"We wish to formally announce that Risbah Pant has requested to be relieved of his captaincy duties with the franchise, and the franchise has accepted his request with immediate effect," it read.
LSG's Director of Cricket, Tom Moody, thanked Pant for his leadership during a tough time for the franchise.
"Rishabh approached the franchisee with this request and we have respectfully accepted it," said the Australian.
"These decisions are never easy. We are grateful for everything Rishabh has brought to this dressing room as captain. Our focus now is on the collective - rebuilding and restructuring to reach the best standards."
LSG finished bottom of the IPL table this season, slipping down from seventh in 2025. Under Pant's captaincy for the last two years, LSG amassed a disappointing record of ten wins and 18 losses. Unfortunately for Pant, his form with the willow has been poor in both seasons, averaging 28.36 and 24.45, respectively.
At the press conference after LSG's final match on 23 May, Moody hinted that a change in leadership could be in the pipeline.
"You do have to wonder whether that is a pressure that is reflected with his performance with the bat," Moody said at the time.
"I know that this season has been a difficult season for us, but we will reflect on it, we'll take time, we'll reflect on it. We'll consider all things."
LSG are yet to announce a new captain, but it is likely to come from a raft of experienced players that include Aiden Markram, Mitchell Marsh and Nicolas Pooran.