Satyam shooks market

Disclosures by the founder-Chairman of Satyam Computer Services rocked the equities market, sending the Sensex crashing 7 per cent.

The benchmark index opening 89 points higher from Tuesday’s close registered a massive fall of 825 points in the mid-session trade after the company Chairman Mr B. Ramalinga Raju’s letter, admitting to the company’s hugely inflated balance sheet, was put up on the stock exchanges.

As the Satyam scrip fell 80 per cent intra-day to the Rs 30-level from the day’s high of Rs 188.70, the ripple effect was felt across the entire market.