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Satyam drops 6 pc in morning trade

It had announced that it would delist its American Depositary Shares from NYSE Euronext.

Written by Agencies | Mumbai |
April 15, 2009 11:55:25 am

The scrips of Satyam Computer Services on Wednesday fell as much as six per cent on the Bombay Stock Exchange after the company’s announcement that it would delist its American Depositary Shares from the NYSE Euronext in Amsterdam.

On the Bombay Stock Exchange,Satyam Computer plunged to a low of Rs 46,down 5.83 per cent over the previous close.

On the National Stock Exchange,the scrip touched a low of Rs 45.45,down by 6.76 per cent. Over 1.31 crore shares changed hands on the bourses.

On Tuesday,Satyam Computer said it would delist its ADS from the NYSE Euronext in Amsterdam due to financial and legal pressures and has started the process for the same.

The company,however,does not presently intend to delist from the BSE,NSE or NYSE,it said.

“Upon careful consideration of the advantages and disadvantages of its listing on the Euronext Amsterdam,the board of directors of the company has come to the conclusion that the financial and legal burdens of a listing no longer justify a listing on the Euronext Amsterdam,” Satyam said.

Satyam Computer,after facing a turbulent phase since January this year,is all set to be acquired by Tech Mahindra in a Rs 2,900-crore deal that includes a 20 per cent open offer to the public.

Satyam ADRs ended the trade at USD two,down 11.11 per cent over the previous close on the NYSE.

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