Satyam to remain listed as of now: NYSE
The New York Stock Exchange said it will delist Satyam shares only if its average share price for 30 trading sessions goes below one dollar.business Updated: Jan 12, 2009 22:26 IST
The New York Stock Exchange on Monday said it will delist Satyam shares only if its average share price for 30 trading sessions goes below one dollar.
With a plunge of over 90 per cent at the NYSE, Satyam today slipped below one dollar level in the early morning trade but regained this mark shortly thereafter.
Asked if the NYSE will issue a notice for possible delisting of the company for shares dipping below one dollar, NYSE spokesperson told PTI in an e-mailed statement, "No, the average closing price of a security must be less than one dollar over a consecutive 30 trading-day period.
When that average price is reached, the company receives a letter from New York Stock Exchange Regulation informing the company that it has six months to get the price above one dollar or face suspension and delisting."
Satyam was trading at 1.19 dollars, down 87.38 per cent on the NYSE. After opening at 1.04 dollar shares of the Indian firm touched a low of 0.78 dollar in the intra-day trade today.
NYSE had halted Satyam's trading on January 7 after the disclosure of fraud by its founder and Chairman B Ramalinga Raju. However, it resumed trading today after assessing the company's regulatory filing and its suitability to remain listed.