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MUMBAI: Beleaguered software services major Satyam on Wednesday bit the dust on the bourses and lost as much as Rs 10,000 crore in market capitalisation in a single trading session, after the scrip dipped to hit an all-time low level.

MUMBAI: National Stock Exchange said on Wednesday it will remove Satyam Computer Services Ltd from its S&P CNX Nifty 50-share index from Jan 12.

Ramalinga Raju, Chairman of Satyam resigned from the Satyam board today, reports CNBC-TV18. He wrote a letter to the Satyam board admitting that the IT major’s balance sheet has an inflated cash and bank balance of Rs 5,040 crore.

Raju’s game plan had the potential to put foreign investors off India

Domestic brokerages are advising clients to discard Satyam Computers from their portfolios.

Commenting on the magnitude of the Satyam scam, Mohandas Pai, Head-HR Administration, Infosys, said, he had never imagined something of this proportion would happen. “It is a bad day for corporate India and IT industry.” He feels that the auditing process should get more rigorous and that all companies should make sure that bank balance confirmation goes directly to auditors.

Religare Hichens Harrison Research has recommended a sell rating on Satyam Computer Services. The research firm continues to maintain its earlier negative view on the Technology sector.

Ramalinga Raju, Chairman of Satyam has resigned from the board, reports CNBC-TV18. In his letter to the board, Raju admitted that the IT major’s balance sheet has inflated cash and bank balance of Rs 5,040 crore. “No board member had any knowledge of the real situation. Accrued interest of Rs 376 crore in books is non-existent. Rs 1,230 crore was arranged to Satyam, but was not reflected in the books.”

MUMBAI: Satyam Computers may be removed from the sensex and nifty following the revelation of manipulation in the company’s accounts, analysts said.

Dear Investors/Clients,
NSEMUMBAIBULL Very Strong BUY : Radico Khaitan Ltd
BSE Code : 532497
NSE Code : RADICO

CMP: Rs 222.10
Target price: Rs 270

CMP: Rs 1,041.20
Target price: 1,695