Malvinder Singh steps down

Malvinder Mohan Singh has stepped down as chairman, managing director and chief executive of India's largest pharmaceutical company, Ranbaxy Laboratories, which was acquired last year by Japan's Daiichi Sankyo.Atul Sobti, the current chief operating officer, has been appointed chief executive and managing director, while Tsutomu Une, the company's non-executive director, will serve as its chairman.The Singh family had earned some Rs.100 billion ($2.4 billion) from selling their 34.82 percent stake last June in the pharmaceutical major, valued at around Rs.100 billion.Soon after the stake sale mid-2008, Singh had said he would invest in Religare and Fortis, the family's financial service and healthcare companies.The change in management at the company announced Sunday comes at a time when it has reported a net loss of Rs.1,044.8 crore ($204 million) for 2008 against a net profit of Rs.617.7 crore in the previous year.