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Satyam opens on positive note

business Updated: Jan 19, 2009 11:55 IST

PTI
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Satyam Computer on Monday opened on a positive note amid Corporate Affairs Minister Prem Chand Gupta's statement that the first information about the scam- ridden company is encouraging as the company's liabilities were not much.

Shares of Satyam surged 9.20 per cent in early trade to touch an intra-day high of Rs 26.70. However, the stock was later trading at Rs 26.20, up 7.17 per cent on the Bombay Stock Exchange.

Similar fate was seen on the National Stock Exchange, the scrip touched an intra-day high of Rs 26.70, a jump of as much as nine per cent from its previous close.

It was later quoting at Rs 26.20, up 6.94 per cent. Over 1.97 crore shares were traded on both the bourses.

Meanwhile, Gupta had said, prima facie there appeared diversion of funds from scam-tainted Satyam where the facts and figures in the balance sheet are not based on correct information. He, however, said the first information about Satyam is encouraging as its liabilities were not much.

Gupta further said members of the newly-constituted board would not be held responsible for what was done by the previous board, which was disbanded by the government after the Rs 7,800-crore fraud, came to the light.