Shares in freefall at NYSE | india | Hindustan Times
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Shares in freefall at NYSE

The US-shares of tainted Satyam Computer Services fell by 90 per cent in its initial trading hours at the New York Stock Exchange on Wednesday, hours after the shares fell by about 78 per cent in India.

india Updated: Jan 08, 2009 01:30 IST

The US-shares of tainted Satyam Computer Services fell by 90 per cent in its initial trading hours at the New York Stock Exchange on Wednesday, hours after the shares fell by about 78 per cent in India. The American Depositary Receipts (ADRs) were trading at $ 0.85, steeply down from its previous close of $9.35.

Market players seem to have lost all confidence in the company as the company has cheated its investors at the highest level and fudged with its books of accounts.

“We are uncertain as to what is their in their books of accounts and what not,” said Gaurav Dua, head of research, Sharekhan. “I am more concerned on the fact that the sentiments of global investors will now be weak on Indian equities.”

Investors have lost all their money in the company in the midst of an uncertainty over its revival. The share price has come down from Rs 526 in may to Rs 40 on Wednesday—a loss in value of over 92 per cent.