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Satyam sees volatility in early trade

IT firm Satyam witnessed high volatility in early trade, a day after engineering giant L&T, B K Modi's Spice Corp and telecom software firm Tech Mahindra submitted expressions of interest to participate in the bidding process for the company.

business Updated: Mar 13, 2009 11:17 IST

IT firm Satyam on Friday witnessed high volatility in early trade, a day after engineering giant L&T, B K Modi's Spice Corp and telecom software firm Tech Mahindra submitted expressions of interest to participate in the bidding process for the company.

Shares of beleaguered IT firm Satyam jumped as much as 5.29 per cent to touch a high of Rs 49.70 on the Bombay Stock Exchange.

However, it later lost momentum and was trading at Rs 44.75, down 3.92 per cent.

On the National Stock Exchange, the scrip surged 4.99 per cent to touch a high of Rs 49.40, but was later trading 0.64 per cent lower at Rs 46.75.

A total of 76.81 lakh shares of Satyam changed hands on both the bourses.

On Thursday, Satyam Computer Services closed registrations for potential bidders as it began a process to sell a majority stake in the company.

L&T, the single largest shareholder in the scam-hit IT firm, said it has registered in the bidding process and Spice Corp registered online. Earlier, Tech Mahindra said once the company receives the request for proposal it will evaluate and decide on the next step.

According to marketmen, the heavy volatility is largely due to the fact that the stock is moving in a direction-less manner and the recent developments is not getting reflected in this counter.