Satyam Shares Soared by 21% on Account of News from Govt Board
Satyam Computer Services jumped 17.73% to Rs 23.95 at 10:49 IST on BSE after a member of the government-constituted board said if the cash-strapped company’s receivables come on time, it would not need any financial assistance from the government.
From a recent high of Rs 34.40 on 12 January 2009 the stock fell 40.98% to Rs 20.30 on 15 January 2009 as a quick-fix solutions is unlikely to rescue the firm hit by an estimated Rs 7,000 crore accounting fraud. Earlier, Satyam stock had galloped 44.66% to Rs 34.55 on Monday, 12 January 2009, on hopes a newly constituted three-member board, appointed by the government, would help salvage the company’s clients and staff. Earlier, the stock plunged 86.68% to Rs 23.85 on 9 January 2009 from Rs 179.10 on 6 January 2009 after its founder and former chairman B Ramalinga Raju during trading hours on Wednesday, 7 January 2009, admitted to a nearly Rs 7000-crore financial fraud.
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