Shoot, sorry Srihari, your advice is always so good. Number one; DO NOT move this guy around willy nilly! That causes major stress and this particular indoor plant is especially sensitive and very needy of the spot they get used to, to move them will cause major stress. This guy is called Ficus elastica, its sap is basic to latex.
Number two; do not touch the sap and do not worry about 'sealing' the pruning cuts. This plant is very toxic to cats, dogs, birds and capable of causing irritating reactions when in contact with the skin, mouth. Some people have found they are unable to wear latex gloves because of the chemical Caoutchouc.
I'd repot this plant in a slightly larger pot no more than 2" larger than the diameter of the rim of your white pot in NEW bagged potting soil. Let it get used to its new pot and soil in the same spot it knows and loves, grins. Then months from now start cutting it back, a couple of leaves from the terminal bud down 3 or 4 internodes cutting about 1/4" above the node at an angle. Do one branch in 3 months and then 3 months later do the other branch. Use sterilized by pass pruners, or sterilized (alcohol) tough scissors. Well, I'd try to use decent, sharp by pass pruners (versus anvil, ugh) instead of scissors.
It needs to be 'headed' back to get rid of the weight bending the branches down. It looks like you are overwatering, that is the biggest no no for this plant (all plants except water or marsh plants). I don't like staking because once you stake a plant like this that plant relies on that stake forever. You want your plant to be half that size and you will need to do it in stages! This is a tough plant but too much stress will cause it to give up. Weird I know.
Read this link I am sending...Ficus elastic care