I really wanted to unsubscribe from few friends. But, that option of "unsubscribe" appearing in the right-side drop-down menu of their post on wall is gone and so does the option of "unsubscribe" from their profile pages. Is there any other way to do it now?
Go to their profile page (Timeline) and select Friends → Settings. You can then select what updates you want to see (uncheck all options to get no updates). You can also select Only Important to change the frequency of posts that appear in your newsfeed, in case you don't want to unsubscribe from all posts.