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Thursday, January 15, 2009

No end to Satyam saga

Satyam Chairman B Ramalinga Raju did he wanted to do. He maybe behind bars but the fallout continues and my bet is that it will carry on for a pretty long time.

Today, both IT and realty stocks took a beating pulling the BSE Sensex to a one-month low before ending with a loss of over 323 points at 9,046.74.

Realty stocks suffered after Maytas Infra fell further in the lower circuit to end in the red. The primary reason for the nosedive by the news that a high-level probe would be ordered into the projects sanctioned to the company.

But, there was another reason for the slump in IT stocks. According to experts Nortel Network Corporation, which has filed for bankruptcy had an adverse impact on Indian software majors Infosys, Wipro, and TCS, which provide back-up support to Nortel.
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