Satyam drags Indian shares down 7%

Shares in Satyam Computer Services plunged more than three-fourth on Wednesday after the Indian outsourcer said it had overstated profits for many years, dragging Indian shares to their first loss in the New Year. The main stock index fell 7.25 per cent, its biggest fall in more than two months. Investors said that they now need to be very cautious. Market analysts in Mumbai are hopeful that better time will soon be back.