Wednesday, January 07, 2009

The Big Scam

Satyam : Sanskrit Meaning "Truth"
What came out today , was anything but the truth. Raju M, the founder of Satyam Computers releaved the huge cooking up of the books for years together and along with that came his resignation from the Board Members. 
This has been the top story across all the main stream TV channels and all that one finds are the questions to the auditors PWC who are the biggest in the world. 
Questions will be raised, more inquiries will be setup and so on. But sadly for Raju, its not just the Indian Investors who are cheated, but those in the US also; Satyam being listed on NYSE and days are just tough for the man who started it off. 

The stock dropped to an alltime low of 30 and finally settled at 40 at the end of the day from the day's high of 188/-. Quite a feat !!
The only good news that I found in this issue is that Reliance Capital is going to replace Satyam in Nifty.