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Wednesday, January 7, 2009

Satyam : Fraud of over Rs 7,000 crore

Satyam, means truth but Ramalinga Raju promoter-chairman of Hyderabad-headquartered Satyam Computers, has lied for years to shareholders, employees at large by making a fraud of Rs 7,000 Crore.

TCS, Infosys, Wipro and country's fourth largest IT company was Satyam, by making the fraud satyam computers is knocked to the bottom and which inturn resulted to be removed from its S&P CNX Nifty 50-share index from January 12, as the Satyam Founder resigned from Board the shares of crashed down to 80 percent. And Anil Ambani-group firm Reliance Capital Ltd will be replacing Satyam in the main index, the exchange said in a statement. Satyam will also be excluded from the CNX 100 index, CNX 500 index and the CNX IT index.

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2 comments:

ark said...

It’s a big blow to the Indian economy. Sentiments of all investors particularly FIIs is dampened. It will have dominos effect and the maket may collapse due to selling from all quarters, particularly FIIs. Its time that the powers-to-be plung into action and to take damage control before it has cascding effect. Some one should come forward to take care of the 50,000+ innocent employees and their families.

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