Oh dear. Velly, velly bad news. Cha wallah! Bring me my turban....
http://business.theage.com.au/busine...0108-7c47.htmlThe head of one of India's biggest outsourcing firms, Satyam Computer, resigned yesterday amid a scandal over a billion dollar fraud that sent company stocks into freefall.
Company founder and chairman B. Ramalinga Raju admitted the Hyderabad-based software services firm had falsified accounts and assets and inflated its profits over several years.
The company overstated its cash and bank balances to the tune of more than 50 billion rupees (more than $A1.38 billion) in its September-end balance sheet, "purely on account of inflated profit over a period of several years," Mr Raju said in a statement.
Satyam shares plummeted 77.69 per cent, or 139.15 rupees, to 39.95 rupees on the Mumbai Stock Exchange yesterday, as investors dumped the company.
The broader benchmark 30-share Sensex plunged 7.25 per cent to 9586.88.
Down.... they .... go.....