OMG Satyam is dying

[Aces170]

Always knew Indian mgmt was not as transparent as their western counterparts, but this just beats everything.

Satyam is down 50% today...

 

[Party Monger]

Raju admits fraud; Satyam books inflated by Rs 5040cr

Huge fraud in Satyam Computers!!! Estimated at abt 5000crores:O

Cash balance was non-existent, The mytas deal was actually a bailout for satyam itself..

Wow..just when you think you've seen it all something like this happens..I can only imagine wat will be the fate of PWC their auditors..

 

[apextwin146]

dang .. There goes the neighbourhhood

 

[Darthcoder]

I knew it, having worked there for some time. With the amount of resources/people on bench, no way were the touted figures possible. Always knew it.Thank god I sold my shares at 495 .

 

[Aces170]

Its as good as gone, shares down more then 60%, what is worse is 50% of their clients have withdrawn business.

Price water house coopers, and E&Y is gonna get jacked too...

 

[thetechmind]

:O Satyam trading at 63 buks , will sink further........:O

 

[Darthcoder]

Damn, I feel sorry for my friends in there . One of my friends shares his desk with 2 others (8 hrs shifts, 3 people per day on 1 desktop). Over the top recruitment at Satyam really, they used to stuff people in conference rooms for the lack of facilities.The Middle management in that company suxx and is the root cause of inflated costs and the downfall. Of course, the top management proved to be no less better now . They are sure to lose the FIFA 2010 project too .

 

[thetechmind]

Damn, I feel sorry for my friends in there . One of my friends shares his desk with 2 others (8 hrs shifts, 3 people per day on 1 desktop). Over the top recruitment at Satyam really, they used to stuff people in conference rooms for the lack of facilities.The Middle management in that company suxx and is the root cause of inflated costs and the downfall. Of course, the top management proved to be no less better now .

how many from TE work for satyam :O

 

[Chaos]

LOL classic case of fudged books. This raju guy will go to jail now.

 

[SunnyBoi]

There were news that tech Mahindra and satyam were going to merge yesterday. today turns out its rumours :S

 

[thetechmind]

:O Satyam trading at 63 buks , will sink further........:O

dead toast , 50 buks :O

 

[obama]

never trusted satyam ....it is and always was a "hawala" operation for the rich land lords and politicians from down south.
satyam is just the begining ...there are many such high profile indian IT co's, wonder when they would be exposed.....its just a matter of time.

 

[Metalspree]

Another MNC dying out coz some looser's foolish act .Just worried abt people working at Satyam

 

[forum67]

sensex down 600point ...

 

[Metalspree]

Just called my pop he lost 250K ( 500+ shares)

 

[Balkazzaar]

looks like soon satyam is going to b taken over by some other company...

 

[SharekhaN]

I remember when Satyam was spearheading the IT boom in India back in 1998 or so. Bad times for such a icon.

 

[=CrAzYG33K=]

Taken from Wikipedia :

Satyam Computer Services Ltd. was founded by B.Ramalinga Raju in 1987; Satyam means "truth" in Sanskrit.

Oh the irony!

 

[rushabht]

Stupid satyam. Stupid ramalinga raju.

 

[Gannu]

I remember when Satyam was spearheading the IT boom in India back in 1998 or so. Bad times for such a icon.

Yeah. I'd a couple of my relatives who'd worked with Satyam before. Oh damn, the company's sinking with share prices going lower by the minute!