Dear Vineet,
Reply to your post:
You would have mentioned termination clause in appointment letter (probation & confirmed employees). Follow as per that.
Few thoughts:
1. Why did you hire to fire.
2. Is it due to loss in business?
3. Or totally based on his nature of job?
If the cause is 2nd one, it is what all the world is facing. If it is 3rd one I really feel sorry to him. I can suggest you to have a strong recruitment policy so that it will not effect "any one's career" .
Remember hiring and immediately firing is not a good practice.
Regards,
Shiv