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Hi Ashish,
If you want to remove anchor tag, then change little bit your regular expression like that
string sample = "<a href=\"http://test.com\">LoremIpsum.Net</a> is.";
string re = @"<a [^>]+>(.*?)<\/a>(.*?)";
//sample = Regex.Replace(sample, re, "$1");
sample = Regex.Replace(sample, re,"$2");
Thanks