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Jan 13, 2009, 09.23 AM IST
Several other Hyderabad-based companies have borne the brunt of the big Satyam scam. Nagarjuna Constructions, Megasoft are among the top losers. CNBC-TV18's Gautam Broker does some indepth number crunching. Several other Hyderabad-based companies have borne the brunt of the big Satyam scam. Nagarjuna Constructions, Megasoft are among the top losers. CNBC-TV18's Gautam Broker does some indepth number crunching.
Scams like the one that happened at Satyam don’t happen very often. But they leave deep scars in the minds of fund managers and investors. Fund managers often go by their instincts while investing in companies. When a scam like this happens, it remains in their memories and it becomes difficult for companies in that segment to raise funds etc.
The pain is clearly visible in the bourses. If you look at the companies based in
Some estimates suggest that Andhra based companies – there are 235 BSE listed Andhra-based companies – have lost more than Rs 35,000 crore in market cap since the Satyam scam happened, with Satyam accounting for more than Rs 10,500 crore.
It is not just restricted to the Indian bourses. Indian stocks listed on the American bourses also lost significantly – a loss of almost USD 2 billion in market cap ‑ because Satyam Computers did not trade on the NYSE.
The other 15 ADRs that did trade lost USD 1.94 billion in market cap till January 9. So, it has now become a scam of international proportions. This loss percentage is for the period between January 6 and January 9.
Some of the independent directors at Satyam are also on the board of Nagarjuna Construction Finance. There is a deep link running. I am sure Sebi’s investigations would have a lot to reveal in the coming days. Related News |
Action in Mahindra Satyam
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