UPDATE 2-India's Ranbaxy CEO quits, cites strategy rift

* CEO and MD Atul Sobti to step down after just over a year

* Arun Sawhney, president of pharma biz, to become MD

* Q2 net profit 3.26 bln rupees vs 944 mln forecast

* Profit driven by copy of blockbuster drug

(Adds byline, quotes from officials, additional details)

By Sanjeev Choudhary

NEW DELHI, Aug 12 (Reuters) - India's Ranbaxy Laboratories Ltd (RANB.BO) lost chief executive Atul Sobti on Thursday, the second CEO to quit since Japan's Daiichi Sankyo (4568.T) took control.

Sobti resigned after just over a year in the post citing a difference of opinion on strategy, as the drugmaker's second-quarter results beat analysts' forecasts.

Ranbaxy, which is majority-controlled by Japan's third-largest drugmaker, said its profit rose for the fifth straight quarter, helped by sales of its own copy of a blockbuster drug.

Asked at a media briefing why he was quitting, Sobti said: "When such things happen, there would be obviously differences of opinion individually and how you believe the company should go forward."

Sobti said here had been a difference of opinion between himself, Daiichi and Ranbaxy's board.

Sobti, who is also Ranbaxy's managing director, will step down on Aug. 19, Ranbaxy said. Arun Sawhney, who is currently president of Ranbaxy's global pharmaceutical business, will take over as managing director.

Sobti's unscheduled departure follows that of his predecessor, Malvinder Singh who stepped down before the end of his contract. Singh, the promoter of Ranbaxy, sold his family's stake to Daiichi in 2008, and was asked to stay on as CEO.

"Let's hope this does not repeat. It is unfortunate. We will make sure this kind of thing does not happen again." Sawhney said.

Ranbaxy shares, which the market values at $4 billion, ended down 0.5 percent in a flat market. The shares have fallen 13.6 percent this year, underperforming the 9.5 percent rise in the sector index .BSEHC and the main index's 3.5 percent gain.

RESULTS

Ranbaxy said consolidated net profit fell to 3.26 billion rupees ($69.5 million) for the fiscal second quarter ended June, from 6.93 billion rupees a year earlier.

Analysts in a Reuters poll had, on average, expected net profit of 944 million rupees for the firm, which had incurred losses in three consecutive quarters to March 2009, hit by currency fluctuations and a U.S. ban on some products.

Ranbaxy benefitted from the sale of the generic version of GlaxoSmithKline's (GSK.L) blockbuster herpes treatment Valtrex in the United States with a 180-day exclusive marketing period.

Last month, Daiichi Sankyo said it would raise its annual forecast if necessary after Ranbaxy reported second-quarter results. [nTOE66T06I].

Global demand for generic drugs from drugmakers such as Ranbaxy and local rivals such as Dr Reddy's and Cipla Ltd (CIPL.BO) is booming as nations battle rising healthcare costs.

Ranbaxy faced a foreign exchange loss of $70 million in the June quarter compared with a $176 million gain a year earlier, its chief financial officer Omesh Sethi said.

The company also recorded a one-off gain of 1.44 bln rupees through transfer of research assets to Daiichi.

The U.S. Food and Drug Administration said in February 2009 that Ranbaxy sold misbranded or adulterated drugs in the United States, the company's largest market, having earlier banned imports of over 30 generic drugs from the firm.

Ranbaxy's sales in the United States in the year-ago period were severely impacted by regulatory action against the company.

"We will have substantial forward movement in the next three to four months," Sobti said referring to the regulatory issue.

Rival Dr Reddy's Laboratories Ltd (REDY.BO) in July posted a surprise 14.3 percent fall in quarterly profit, hit by a drop in sales in its key U.S. market. [nSGE66L0K3].

($1= 46.9 rupees)

(Writing by Bharghavi Nagaraju; Editing by Jui Chakravorty and Erica Billingham)