The Government of India on Friday disbanded the board of Satyam Computer Services, cancelled its meeting scheduled for Saturday and announced that a 10-member board of new directors would be nominated soon.
The erstwhile board of Satyam was to meet in Hyderabad on January 10 to discuss the crisis in the wake of the Rs. 7,100-crore accounting fraud, which its founder-chairman B. Ramalinga Raju owned up to before quitting his post.
Five other directors of Satyam had also put in their papers, leaving the strength of the board at just three.
Friday, January 9, 2009
Thursday, January 8, 2009
SATHYAM EFFECT
The Bombay Stock Exchange sensitive index (Sensex) suffered most in the new year on Wednesday by losing 749 points on panic selling by funds after Satyam Computer said its profit had been inflated for years and rising concerns of dim third-quarter earnings of blue-chip companies.
The Sensex, which had gained over 688 points in the last four sessions of 2009, tumbled below the crucial 10000- level, losing 749.05 points to close at 9586.88 against 10335.93 on Tuesday. It touched a low of 9510.15 and a high of 10469.72, showing a wide fluctuation of nearly 960 points.
Satyam Computer shares crashed by Rs. 139.15 or 77.69 per cent to close at Rs. 39.95, after the Chairman announced that the company had falsified accounts and assets for several years.
The Sensex recorded the biggest single-day loss in the past two months, after Satyam Computer Services, the country’s fourth-largest software developer, plunged around 80 per cent, the highest since getting listed in 1992.
The Sensex, which had gained over 688 points in the last four sessions of 2009, tumbled below the crucial 10000- level, losing 749.05 points to close at 9586.88 against 10335.93 on Tuesday. It touched a low of 9510.15 and a high of 10469.72, showing a wide fluctuation of nearly 960 points.
Satyam Computer shares crashed by Rs. 139.15 or 77.69 per cent to close at Rs. 39.95, after the Chairman announced that the company had falsified accounts and assets for several years.
The Sensex recorded the biggest single-day loss in the past two months, after Satyam Computer Services, the country’s fourth-largest software developer, plunged around 80 per cent, the highest since getting listed in 1992.
Thursday, January 1, 2009
Mkts cheer, Sensex adds over 250 pts
Sensex rose 1 per cent early on Thursday as trading got underway for the new year.
The BSE benchmark Sensex provisionally rose 2.74 per cent on the first day of the new year after slumping by more than half in 2008, with lower Inflation raising expectations for interest rate cuts by the central bank.
Reliance Industries and ICICI Bank led the gains.
The 30-share main BSE index provisionally closed 264.03 points higher at 9,911.34 on Thursday, with all but two of its components rising. The benchmark had plummeted 52.4 per cent last year.
The 50-share NSE index provisionally rose 2.46 per cent to 3,032.05.
Sensex rose 1 per cent early on Thursday as trading got underway for the new year.
The BSE benchmark Sensex provisionally rose 2.74 per cent on the first day of the new year after slumping by more than half in 2008, with lower Inflation raising expectations for interest rate cuts by the central bank.
Reliance Industries and ICICI Bank led the gains.
The 30-share main BSE index provisionally closed 264.03 points higher at 9,911.34 on Thursday, with all but two of its components rising. The benchmark had plummeted 52.4 per cent last year.
The 50-share NSE index provisionally rose 2.46 per cent to 3,032.05.
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