Drug maker Cipla today said that its Joint Managing Director Amar Lulla will exit the company with effect from December 13, 2010.
Lulla's contract as JMD of the Company will expire on December 13, 2010 and he has told the company that he is not in a position to continue his services in the above capacity on expiry of his current term, Cipla said in a filing to the Bombay Stock Exchange (BSE).
"In deference of his wishes, the board has accepted his request," it added.
Consequently, Lulla will cease to be the JMD of the company effective from the aforesaid date.
The company, however, did not disclose who will take Lulla's place. Queries sent to the company remained unanswered.
Shares of Cipla today closed at Rs 350.55 on BSE, down 4.92 per cent from its previous close.