Satyam woes drive stock down 24% to Rs 22.80
Haunted by allegations of fraud, the Satyam Computer Services stock has been on a roller coaster ride. Amid huge volumes, the stock Thursday plunged by more than 24 per cent to Rs 22.80.
By ET Bureau |
MUMBAI: Haunted by allegations of fraud, the Satyam Computer Services stock has been on a roller coaster ride. Amid huge volumes, the stock Thursday plunged by more than 24 per cent to Rs 22.80.
Even as the Satyam board continues its search for a new CEO and CFO, news that the audit done by PwC for the period June to Sep 2008 should not be relied upon, was not taken well by the market.
The company's ADR also received a walloping on Wednesday with the ADR down almost 7 per cent to $1.2.
Doubts have also been raised about the company's ability to retain clients and workers.
Kiran Karnik one of the directors appointed by the government said on Wednesday that finding cash would be a major worry till the accounts had been verified by the company's new auditors KPMG and Deloitte.
Even as the Satyam board continues its search for a new CEO and CFO, news that the audit done by PwC for the period June to Sep 2008 should not be relied upon, was not taken well by the market.
The company's ADR also received a walloping on Wednesday with the ADR down almost 7 per cent to $1.2.
Doubts have also been raised about the company's ability to retain clients and workers.
Kiran Karnik one of the directors appointed by the government said on Wednesday that finding cash would be a major worry till the accounts had been verified by the company's new auditors KPMG and Deloitte.
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