Drug manufacturer Ranbaxy Laboratories announced that its president and chief financial officer (CFO) Omesh Sethi has quitted from the company's services.

In a declaration, the company said, "Omesh Sethi, president and chief financial officer has resigned from the services of the company, with effect from January 25, 2011."

But, Ranbaxy did not mention any cause behind Sethi's exit.

In 2010, Ranbaxy Laboratories's managing director and chief executive officer Atul Sobti had resigned from his place effective August 19, and was substituted by Arun Sawhney, who was the then company's President for its international pharmaceutical biz.

Scrips in Ranbaxy, which the market values at approximately $5 billion, dropped around 1.7% to Rs 554.15 in a subdued Mumbai market.

Omesh Sethi's exit comes less than 6 months after then chief executive Atul Sobti left citing a breach in plan.

Daiichi purchased the holding rights of Chairman and CEO Malvinder Singh and his family in the year 2008 and afterward formed an open offer, in a contract priced around $5.4 billion, giving the Japanese No 3 drug manufacturer a launch area to develop its generic offerings.