diff --git a/server/src/main/java/org/opensearch/index/store/remote/utils/TransferManager.java b/server/src/main/java/org/opensearch/index/store/remote/utils/TransferManager.java
index d7f484bb26a79..b07573b6f262d 100644
--- a/server/src/main/java/org/opensearch/index/store/remote/utils/TransferManager.java
+++ b/server/src/main/java/org/opensearch/index/store/remote/utils/TransferManager.java
@@ -74,17 +74,11 @@ public IndexInput fetchBlob(BlobFetchRequest blobFetchRequest) throws IOExceptio
 
         try {
             return AccessController.doPrivileged((PrivilegedExceptionAction<IndexInput>) () -> {
-                CachedIndexInput cacheEntry = fileCache.compute(key, (path, cachedIndexInput) -> {
-                    if (cachedIndexInput == null || cachedIndexInput.isClosed()) {
-                        logger.trace("Transfer Manager - IndexInput closed or not in cache");
-                        // Doesn't exist or is closed, either way create a new one
-                        return new DelayedCreationCachedIndexInput(fileCache, streamReader, blobFetchRequest);
-                    } else {
-                        logger.trace("Transfer Manager - Already in cache");
-                        // already in the cache and ready to be used (open)
-                        return cachedIndexInput;
-                    }
-                });
+                CachedIndexInput cacheEntry = fileCache.get(key);
+                if (cacheEntry == null || cacheEntry.isClosed()) {
+                    cacheEntry = new DelayedCreationCachedIndexInput(fileCache, streamReader, blobFetchRequest);
+                    fileCache.put(key, cacheEntry);
+                }
 
                 // Cache entry was either retrieved from the cache or newly added, either
                 // way the reference count has been incremented by one. We can only
diff --git a/server/src/test/java/org/opensearch/index/store/remote/utils/TransferManagerTestCase.java b/server/src/test/java/org/opensearch/index/store/remote/utils/TransferManagerTestCase.java
index 668eac51b1b81..7d6bcd4b58363 100644
--- a/server/src/test/java/org/opensearch/index/store/remote/utils/TransferManagerTestCase.java
+++ b/server/src/test/java/org/opensearch/index/store/remote/utils/TransferManagerTestCase.java
@@ -13,8 +13,8 @@
 import org.apache.lucene.store.IndexInput;
 import org.apache.lucene.store.MMapDirectory;
 import org.apache.lucene.store.SimpleFSLockFactory;
-import org.opensearch.core.common.breaker.CircuitBreaker;
-import org.opensearch.core.common.breaker.NoopCircuitBreaker;
+import org.opensearch.common.breaker.TestCircuitBreaker;
+import org.opensearch.core.common.breaker.CircuitBreakingException;
 import org.opensearch.index.store.remote.file.CleanerDaemonThreadLeakFilter;
 import org.opensearch.index.store.remote.filecache.FileCache;
 import org.opensearch.index.store.remote.filecache.FileCacheFactory;
@@ -38,11 +38,8 @@
 @ThreadLeakFilters(filters = CleanerDaemonThreadLeakFilter.class)
 public abstract class TransferManagerTestCase extends OpenSearchTestCase {
     protected static final int EIGHT_MB = 1024 * 1024 * 8;
-    protected final FileCache fileCache = FileCacheFactory.createConcurrentLRUFileCache(
-        EIGHT_MB * 2,
-        1,
-        new NoopCircuitBreaker(CircuitBreaker.REQUEST)
-    );
+    protected final TestCircuitBreaker testCircuitBreaker = new TestCircuitBreaker();
+    protected final FileCache fileCache = FileCacheFactory.createConcurrentLRUFileCache(EIGHT_MB * 2, 1, testCircuitBreaker);
     protected MMapDirectory directory;
     protected TransferManager transferManager;
 
@@ -156,6 +153,29 @@ public void testDownloadFails() throws Exception {
         MatcherAssert.assertThat(fileCache.usage(), equalTo(0L));
     }
 
+    public void testCircuitBreakerWhileDownloading() throws IOException {
+        // fetch blob when circuit breaking is not tripping
+        try (IndexInput i = fetchBlobWithName("1")) {
+            assertIndexInputIsFunctional(i);
+            MatcherAssert.assertThat(fileCache.activeUsage(), equalTo((long) EIGHT_MB));
+        }
+        // should have entry in file cache
+        MatcherAssert.assertThat(fileCache.activeUsage(), equalTo(0L));
+        MatcherAssert.assertThat(fileCache.usage(), equalTo((long) EIGHT_MB));
+
+        // start tripping the circuit breaker
+        testCircuitBreaker.startBreaking();
+
+        // fetch blob which already had entry in file cache, should not encounter circuit breaking exceptions
+        try (IndexInput i = fetchBlobWithName("1")) {
+            assertIndexInputIsFunctional(i);
+            MatcherAssert.assertThat(fileCache.activeUsage(), equalTo((long) EIGHT_MB));
+        }
+
+        // fetch new blob - should encounter circuit breaking exception
+        expectThrows(CircuitBreakingException.class, () -> fetchBlobWithName("2"));
+    }
+
     public void testFetchesToDifferentBlobsDoNotBlockOnEachOther() throws Exception {
         // Mock a call for a blob that will block until the latch is released,
         // then start the fetch for that blob on a separate thread