Trading in Indian IT services provider Satyam shares resumed today on the New York Stock Exchange after they were halted following disclosures of massive accounting fraud by the top management of the company.
Satyam’s shares were down about 82% to $1.64 on the NYSE at 1:52PM EST.
Earlier today, Satyam’s shares fell as low as 78 cents.
Trading in Satyam Resumes on NYSE added by SearchIndia.com on
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Strange as it is ….
Shares are falling in NYSE …wish I had been there …I would have picked up a few at this mouth watering price
Here in India as We keep hearing measures taken by the Govt …including a possible financial package …stock is rising again
it came to as low as RS 6 – Rs 7 on Thursday and then closed at around Rs 23 – Rs 24 . Yesterday it was at around Rs 44 ..
SearchIndia.com Responds:
Satyam closed at $1.46 (after falling 84.39%) on Monday.
whats your comment on infy’s knee jerk reaction to satyam fiasco? murthy tells ‘we wont go near any tainted companies’, when asked if infy would take over. Nandhan Nielkani goes live on TV everyday and curses Raju and satyam just like a street fight. There is something fishy that these guys jumping too much.
SearchIndia.com Responds:
For them (Narayana Murthy, Nandan Nilekani), there’s not a better New Year gift than the Satyam fiasco.
Chandrababu Naidu always promoted Raju as Andhra’s answer to Karnataka’s Murthy … so regional politics was always at play ….To Murthy’s credit he always maintained a dignified silence and went about doing his work …..
Murthy has clarified since then …
In a statement released to the press some hours back, NR Narayana Murthy, Chairman of the Board and Chief Mentor, Infosys Technologies said, “At a time of crisis, it is important that the industry acts in a responsible and credible manner. We have stated our intention not to act on any CVs received from Satyam’s employees. This is to ensure that nothing is done that will adversely impact Satyam’s future. This is no reflection on the integrity and competence of Satyam’s employees. We respect them as professionals.”
SearchIndia.com Responds:
Interesting.
We haven’t heard the last of this Satyam fiasco yet.
Buddha was wrong when he said Desire is the root cause of all evil. Insatiable greed is the root cause of all evil