The news is still developing. Chairman RAMLINGA RAJU of SATYAM COMPUTER SERVICES Satyam Computer (ADR) (Public, NYSE:SAY) HAS REPORTED biggest scam in Indian corporate history. STock is already down by 45% IN LAST 20 MINTUES IN INDIAN MARKETS. SHORT IT AS US MARKET OPENS. JUST SHORT TRUST ME YOU WILL BE REWARDED. THE COMPANY IS GONE.
stopk down 55% as i type in indian markets. damn, i missed it, it was like 100% return in just 10 minutes. Raju admits fraud; Satyam books inflated by Rs 5040cr http://www.moneycontrol.com/india/news/business/ramalinga-raju-resignssatyam-board/375049 Ramalinga Raju has resigned from the Satyam board, reports CNBC-TV18. Raju wrote a letter to the board giving balance sheet details. Satyam said that the balance sheet has an inflated cash and bank balance of Rs 5040 crore. Satyam added that no board member had any knowledge of the real situation as against the books. Accrued interest of Rs 376 crore in books is non-existent. Satayam further said that Rs 1230 crore was arranged to Satyam but was not reflected in the book HERE IS SATYAM ADR ON YAHOO FINANCE http://finance.yahoo.com/q?s=SAY HERE IS STYAMS ONE DAY GRAPH IN INDIAN MARKET http://finance.yahoo.com/q/bc?s=SATYAMCOM.NS
WOW! crazy stuff....there were some people wondering about their actual cash position and how valid it actually was. VERY VERY bad for confidence in indian investments and "emerging markets" in general
not necessary. looks at all the scam's going on in united states, do people have stopped investing in united states? madoff and this can not be compared because madoff was running ponzy scheme and cheating its investors in different way where as satyam computers is a legitimate business having 50,000 employees, it just like promotor was showing $1 billion inflated cash in balance sheet. I am already seeing all SEBI (security and exchange board of India) chairman and ceo's statements and strict action against all involved and further investigation of all other companies to confirm this is not happening with any other company. Raju is also arrested. lets see. Scams CAN happen in any country and BTW, FII (foreign institutional investors) have already pulled out more then 50% money from Indian Markets due to global recession started by United states Housing Bubble
yes, i posted it twice, because i originally posted it in STOCKS forum and then i realized i wanted to post it in trading forums because this will be one of the biggest opportunity for all other traders. Unfortunately, i did not short satyam futures because i only trade in index futures but i made good money in nifty index futures but with satyam it was like 150% returns in just 1 hour. it was opportunity of life time. I will keep watch for such opporutinites in future. I think stock still have more downside remaining and may go to RS.10 (0.2 cents) from currently (Rs.47.9) about $1. BTW, STOCK IS DOWN 75% AS I TYPE THIS.
âThis company had a five-star independent board and it had a leading auditor and still it managed the con,â said Tarun Sisodia, a Mumbai-based analyst with Anand Rathi Securities Ltd. âSo the question is why only Satyam, why not every other company.â An auditor missed the fraud? I'm shocked.