Satyam playing lie

Satyam in my mother-tounge (Malayalam) and also in Sanskrit means truth. But the truth about Satyam Computer Services is going as a big lie. Satyam is one of India's fourth largest outsourcing firms.

It is hardly two days after the shocking revelation from ex-CEO B.Ramalinga Raju of Satyam that he (or his near ones) has filled a gap of around $1billion (Rs. 100 Crore) in its Balance Sheet. With Ramalinga Raju resigned (he has faxed his 5 page resignation letter stating all this details) it is very steep climb for Satyam. Satyam's share prices tumbled down second day today. As on 7th January 2009 the share prices tumbled to Rs.39.95. Keep this in mind with Satyam's 52 week low price of Rs. 114.65.

But it leaves a letter of suspicion in all Indian governed companies. Though most of the top-five companies have disclosed confirmative records with their customers it remains to be seen in Satyam's lights. This shocking revelation has ripped the legs of the Indian outsourcing industry after the crippling of financial slowdown all around the world.

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References for the article:
Forbes.com - The Seeds Of The Satyam Scandal
Reuters.com - Share quotes reference