The New York Stock Exchange has said that it will delist the scrip of Satyam Computer Services only if the company’s average share price for 30 trading sessions dips below one dollar.
After resuming trading on Monday,shares of Satyam plummeted 84 per cent to close at 1.46 dollars. It had touched its intra-day low at 0.78 dollars.
Asked if the NYSE will issue a notice for possible delisting of the company for shares dipping below one dollar,NYSE spokesperson said 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.”
The scrip of Satyam had opened at 1.04 dollars on the bourse on Monday.
NYSE had halted Satyam’s trading on January 7 after the disclosure of fraud by its founder-Chairman B Ramalinga Raju.
However,it resumed trading on Monday after assessing the company’s regulatory filing and its suitability to remain listed.
Meanwhile,shares of Satyam on Tuesdaywere trading at Rs 32.05,down 6.83 per cent in afternoon trade on the Bombay Stock Exchange.