Here is a verbatim transcript of the exclusive interview with Ambareesh Baliga on CNBC-TV18. Also watch the accompanying video.

Q: Do you play for a bounce back today after the reaction on Wednesday or do you think the market might correct more?

A: The way things are I think the market could correct a bit more because that shock and disbelief is still there among the investors. So I think we could possibly see some more correction.

Q: Is the run on the midcaps done though?

A: Yes because when it comes to corporate governance issues, which is the major story as of now surely it is the midcaps which would be under scanner. So I think the biggest jolt would be for the midcaps even going ahead and at least for a while not too many investors will come back and start buying midcaps.

Q: What are you telling your clients to do on Satyam today?

A: People who have bought it at much higher levels have already lost 80-90%. So I think for the balance 10%, they can take a chance because there are two schools of thought; one says that possibly it will disintegrate and shareholders may not get anything in that case, he will get zero but there is one outer chance that possibly you could have a white knight coming in and in that case at least some value could be salvaged. So when people have already lost 90%, they can take a chance for the balanced 10%. But if you are talking of a fresh investment in Satyam at this point of time, it is a clear no.