Lazard Asset sells stake in Satyam

Lazard Asset sells stake in Satyam
Comment E-mail Print Share
First Published: Fri, Jan 16 2009. 12 09 PM IST
Updated: Fri, Jan 16 2009. 12 09 PM IST
Mumbai: Lazard Asset Management has sold its 5.3% holding in fraud-hit IT company Satyam Computer Services Ltd for about Rs777 million, stock exchange data showed.
The transaction of 35.7 million shares was done at around Rs21.7 a share in two bulk deals at the NSE and BSE on Thursday, when the stock had plunged about a third, the data released late on Thursday showed.
Satyam, India’s no. 4 software services exporter, has been battling for survival since its founder Ramalinga Raju resigned as chairman last week, saying profits had been falsified for years and $1 billion of cash and bank balances did not exist. Its shares have fallen from a record high of Rs544 in 2008.
The government had replaced its board with three new members last week and doubled the size on Thursday, as it works to limit the damage from India’s biggest corporate scandal.
Comment E-mail Print Share
First Published: Fri, Jan 16 2009. 12 09 PM IST