Ranbaxy CEO steps down, as Indian drugmaker posts 52% slump in profits
Indian drug major Ranbaxy Laboratories, which is 64% owned by Japan's Daiichi Sankyo, yesterday posted a poor set of financial results for the quarter ended June 30, 2010, seeing net profit tumble 52% to 3.3 billion rupees ($72 million) as currency volatility offset strong sales of generic drugs. The same day, the company also said its chief executive will step down next week (see later).
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