Satyam executives arrested (Financial Times): The Chief Financial Officer of India’s Satyam Computer Services was arrested, Hyderabad police said on Saturday, as authorities seek to unravel India’s biggest corporate scandal.
Satyam’s Raju Faces Charges as Government Reconstitutes Board (Bloomberg): Satyam Computer Services Ltd. founder Ramalinga Raju and his brother Rama faced charges of criminal conspiracy and breach of trust in an alleged $1 billion fraud as the government assembled a new company board.
Satyam saga jolts Sensex (Economic Times): The Satyam financial fiasco has dragged down the Indian stock market to its fifth biggest fall in percentage terms in the last 14 years, a SundayET analysis. Even the recent Mumbai terror attack (26/11), attack on America’s World Trade Centre (9/11), and dot com bubble burst had lesser impact on Dalal Street.
The Sensex fell as much as 7.25% on January 7, 2009, after Satyam Computer Services’ erstwhile chairman B Ramalinga Raju confessed to an accounting fraud. The analysis captures how the Indian equity market behaved in the face of major events in Indian history. For the calculation, closing index figures have been considered since 1995.”