Indian drug giant Ranbaxy announced yesterday that its CEO had resigned and its profits had fallen.

Ranbaxy, over 60% of which is owned by Japanese pharma company Daiichi-Sankyo, is one of the largest generic pharma companies in the world but its recent travails have included accusations from the US Food and Drug Administration that it falsified safety data.

Now Atul Sobti has resigned from the company after a little more than a year as CEO and Managing Director.

“For Daiichi-Sankyo, things keep going from bad to worse at its Ranbaxy Laboratories unit … which has been struggling to correct manufacturing problems and has undergone repeated managerial overhauls,” says Ed Silverman of Pharmalot. “Little, in fact, has gone right since Daiichi paid $4.6 billion for Ranbaxy two years ago.”

Ranbaxy also reported net profits of 3.3 billion rupees ($71 million) for the second quarter of the year, down around 50% on the previous year.

However this is slightly above the expectations of many analysts.

Bloomberg says 15 analysts it contacted for prediction before the announcement came up with a 2.3 billion rupee average. A Thomson Reuters poll of 21 analysts had come up with an even lower figure of 1.3 billion rupees.