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What a way to start the new year – Satyam story

January 7, 2009

Asatya vachan Raju takes Satyam down; stock falls 77.11%- Software-Infotech-The Economic Times.

Satyam Computer Services’ Raju admits to fraud of Rs. 5,040 crores. Stock market down 7.3%. And I thought the worst was over when we closed 2008.

What happens to 53,000 Satyam-ites? What happens to their customers? What happens to vendors associated with Satyam? And the shareholders?

This is probably the worst scandal in Indian biz history. Or the least expected. Aren’t the IT companies managed by the best in class? These aren’t the ‘lala’ companies run by traditional family owned class. These are run by graduates from IIT, IIMs, etc.

Scary!!!

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