Ranbaxy chief steps down

Chairman and chief executive of Ranbaxy Laboratories, Malvinder Singh, has stepped down, handing more control over the generic drug maker to its Japanese owner Daiichi Sankyo.

Mr Singh's family founded the company and it has since become one of India's best-known multinational companies. He will be replaced as chief executive by Atul Sobti, currently the company's chief operating officer and Tsutomo Une, Daiichi's senior executive officer, will take over his responsibilities as chairman.