Satyam continues fall for 4th day, tanks 8%

Satyam continues fall for 4th day, tanks 8%

Mumbai: Shares of Mahindra Satyam continued its downslide for the fourth consecutive day, plunging 8% in the morning trade on the BSE, as investors dumped the stock on concerns that the losses suffered on fraud may stretch further.

After a weak opening on the Bombay Stock Exchange (BSE), the scrip tanked to a low of Rs83.05, down 8.28% over its previous close.

Shares of Satyam have been on a downtrend for the past four sessions, losing nearly 21% from its valuation on Friday last when the scrip was quoting at Rs104.55.

Marketmen said investors are booking profits in the stock amid the concerns over its financial health after the investigating agency CBI said on Tuesday that Satyam scam may stretch to a staggering Rs14,000 crore, nearly double of what it was estimated to be earlier.

On the National Stock Exchange the scrip was heavily beaten and plunged 9.25% to Rs82.35. Over 1.49 crore shares of Mahindra Satyam changed hands on both the bourses within minutes of opening of trade.

The Central Bureau of Investigation (CBI) has filed the second chargesheet in the multi-crore Satyam scam against its founder chairman B Ramalinga Raju and others, including the recently arrested internal auditor VS Prabhakar Gupta.

The scrip was later quoting at Rs87.25, down 3.64% on the BSE.