As spoken earlier,after the ban from the world bank,Satyam started to feel the heat.Not many people know that Satyam involved in corruption in World bank”(hacked)”.In order to fill those gaps that Satyam created,it bought the aborted Matyas Infra stakes.SEBI has opposed and the problem started from there.Since the pressure mounted on the Satyam Chairman Ramalinga Raju,he finally confessed today that he involved in the financial irregularities.He also admitted that he has acquired Rs.5040 crores which was not in the books.
Immediately after he made this announcement,the Share market saw a great fall.At the start of the day,there was a clean rise of 150 points.Then it slumped to down 700 points.Satyam Share was 188 today morning and after the Chairman’s announcement it plunged down to two year low to 30.10.nearly 77% loss.Almost all the stocks were in red.Infosys,Wipro did well to sustain in this crisis.
Raju has said that he is ready to face the consequences.He also mailed to the SEBI chariman and Stock exchages.He also apologised to all Satyamites and Stake holders.
SEBI has decided to remove Satyam from nifty effective from January 12.RelCap to replace Satyam in sensex.Satyam is in crisis,..Its employees are in face of danger.What can happen from here? no answer..