Sensex nosedives by over 825 points

The Sensex nosedived over 825 points midway to dip well below the psychological 10K point level, on heavy selling by funds after reports of Satyam Chairman resigning.

Shrugging off early gains, the Bombay Stock Exchange benchmark index, Sensex, on Wednesday nosedived over 825 points midway to dip well below the psychological 10,000 point level, on heavy selling by funds after reports of Satyam Computer Services Chairman resigning.

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The Sensex, which commenced the day higher by 133.79 points, dropped by 825 points to 9510.15, as the index-linked Satyam Computer plunged to Rs 32 from Tuesday's close of Rs 178.95.

Last night Satyam's ADR was higher by four per cent on the Nasdaq.

Selling pressure began after reports that Satyam Computer Services Chairman Ramalinga Raju tendered his resignation, ahead of the crucial January 10 Board meeting.