The Satyam Computer Systems scrip took a beating on the Bombay Stock Exchange on Wednesday. After a sharp fall in opening trade, which saw the scrip lose 18.4 per cent, it closed down 4.4 per cent. It is down 40 per cent since December 16, when Satyam announced its bid to take over Maytas Properties and Maytas Infra.
Meanwhile, the World Bank on Tuesday barred Satyam for eight years. “Satyam was declared ineligible for contracts for providing improper benefits to bank staff and for failing to maintain documentation to support fees charged its subcontractors,” the bank said.
“We have not taken any decision on selling our stake. We will wait till the board meeting (on December 290 is over.” a senior official of ICICI Prudential Life Insurance that has a 2.47 per cent stake in Satyam Computers, said.
“Agreed there has been a breach of trust. But, we are a long term player and will not take decisions on knee jerk reactions,” said a senior official at LIC, which owns 2.66 per cent.