Satyam Computer shares up more than 7 pc

The shares of Satyam Computer Services rose by more than 7.50 pc on NSE. At 11.22 am, the share price was Rs 75.85.

Earlier, in a major development in the Satyam fraud case, US regulators fined the software firm and its auditors PriceWaterhouse India up to USD 17.5 million for the accounts bungling that went undetected for several years.

The US Securities Exchange Commission said that Satyam Computer Services have agreed to pay a fine of USD 10 million towards settlement of charges of fraudulently "overstating the company's revenue, income and cash balances by more than USD 1 billion over five years".

Besides, the SEC's has also asked PriceWaterhouse India, the erstwhile auditors of Satyam Computers, to pay USD 6 million in penalty for conducting "deficient audits of the company's financial statements and enabling a massive accounting fraud to go undetected for several years".