Drug major Sun Pharma has reportedly sacked 18 top executives, who were earlier a part of Ranbaxy Labs, the company it acquired in April 2014. Amongst the 18 executives given notices for lay-off include Ranbaxy's former country head Yugal Sikri and president & CFO Indrajit Banerjee, as per media reports.
The 18 executives have been asked to resign and have been given a severance amount, according to a NDTV report.
Sun Pharma issued a statement saying that the company will try and use its human talent in the best possible way and in cases where it is not able to accommodate a few, it will deal with full transparency, fairness and sensitivity.
Sun Pharma's Q4 profits dipped to Rs 888 crore as compared to Rs 1,587 crore that the company posted in the corresponding quarter last year.
Ranbaxy has been posting losses as all of its manufacturing units have been barred from export of drugs to the US on quality issues by its Food and Drug Administration (FDA ).
Sun Pharma shares were trading 854.70 points higher, up by 1.42 per cent in the afternoon session at 2.12 pm.