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This is an archive article published on January 9, 2009
Satyam shares tank 85 pct at Rs 6.30
Shares of Satyam on Friday got battered even further and witnessed a level of Rs 6.30.
Shares of Satyam Computer on Friday got battered even further in opening trade and witnessed a level of Rs 6.30,a dip of as much as 85 per cent from its last close on the National Stock Exchange.
The scrip which had witnessed nearly 78 per cent fall in the previous trading session (on January 7),got hammered further and touched an intra-day low of Rs 11.50 on the Bombay Stock Exchange and Rs 6.30 on the NSE.
“At this point of time it is not clear as to whether the stock should be allowed to be traded in the exchanges,when there is no clarity about the financial of the company,” marketmen said.
Crisis-ridden Satyam on Thursday started an exercise to keep afloat by according top priority to arranging funds and paying staff salaries,as the government and regulator SEBI started their probe.
The scrip was later quoted at Rs 18.50,down 53.69 per cent on the BSE and at Rs 16.85,down 58.26 per cent on the NSE at 10.12 am.
The scrip was one of the top traded counters on the bourses as over 1.85 crore shares exchanged hands on the BSE and nearly 5.9 crore shares got traded on the NSE.
Meanwhile,the New York Stock Exchange (NYSE) on January 7 had suspended trading on Satyam American Depository Receipts (ADRs) and in a statement said: “NYSE Regulation is currently evaluating the news relating to Satyam and will closely monitor further developments. The security will remain halted until further notice”.
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