India’s largest drug maker by sales Ranbaxy Laboratories Ltd. Said on Thursday that its Chief Financial Officer Omesh Sethi had resigned from his post and this has been the third quit from the post after Japan’s Daiichi Sankyo took the majority control.
However, as per report of the sources, the company has not revealed the reasons for such developments taking place.
Last year, Ranbaxy Laboratories’ managing director and chief executive officer Atul Sobti had relinquished his post on August 19 and his spot was filled by Arun Sawhney, who was the then President of the company’s global pharmaceutical business.
While speaking to media, Hemant Bakhru, an analyst at CLSA Asia-Pacific Markets in Mumbai said that the quitting from financial posts create a little bit difficult for the company to maintain the continuity which is essential for any corporate to run smoothly.
Sources have reported that Sethi couldn’t be reached on his office phone and didn’t immediately respond to an e-mailed query today. Krishnan Ramalingam and Raghu Kochar, spokesmen for Ranbaxy, didn’t answer calls to their mobile phones.
The company, with annual sales of about $1.7 billion, did not give a reason for Omesh Sethi’s resignation but said it was effective Jan. 25. Recently, shares in Ranbaxy, which the market values at about $5 billion, fell as much as 1.7 percent to 554.15 rupees in a subdued Mumbai market.Share
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