Hello @Keerthanaa Ilangovan ,
I'm glad that you were able to resolve your issue and thank you for posting your solution so that others experiencing the same thing can easily reference this! Since the Microsoft Q&A community has a policy that"The question author cannot accept their own answer. They can only accept answers by others ", I'll repost your solution in case you'd like to "Accept " the answer.
Issue: The transcription job initially starts but eventually fails, transitioning from the "Running" status to "Failed". The error message received is as follows: "message": "Authentication failed for recordings URI."
Solution:
Using SharePoint for storing the audio file created this issue. However, when used Azure Blob (Storage account) and the issue got solved.
With the trusted Azure services security mechanism, you need to use Azure Blob storage to store audio files. Usage of Azure Files is not supported.
Thank you again for your time and patience throughout this issue.
I hope this helps.
Regards,
Vasavi
Please remember to "Accept Answer" if any answer/reply helped, so that others in the community facing similar issues can easily find the solution.