The New York Stock Exchange has not permitted trading in Satyam ADRsÂ to resume.
The NYSE halted trading in Satyam ADRs on Wednesday prior to the opening of the market after disclosures of accounting irregularities at the company.
Acknowledging that trading in the Satyam ADRs was halted today as well, an NYSE spokesman said Thursday:
We have a requirement that the companies listed on the NYSE have timely and accurate financial statements. The recent news coming out of India about Satyam calls their compliance into question.
In his letter to board members yesterday, Satyam Chairman Ramalinga Raju confessed to manipulating the accounts of the company for several years in order to fraudulently show higher profits.
When we asked the NYSE how long trading in Satyam would be halted on the exchange, the bland answer we got was until further notice.
The NYSE says it’s currently evaluating the news and is in communication with all relevant parties.
According to the NYSE spokesman, halting trading in a stock is the normal business practice for domestic and international companies in this type of situation.
Suspension of trading could potentially cause liquidity problems for Satyam’s investors.Â
Before markets opened in the U.S. yesterday, Satyam’s ADR was quoted below 90 cents, down over 90% from its previous close of $9.35.
Meanwhile, India’s stock markets were closed Thursday for Muharram.
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