Mahindra Satyam Fails To Meet The NYSE Deadline
September 29th, 2010 - 11:06 pm ICT by GDBy Meena Kar
Sep 29, (THAINDIAN NEWS) The Sensex of IT firm Mahindra Satyam fell almost 9 percent, as it declared late Friday, that it would delist itself from the New York Stock Exchange this October. Mahindra Satyam which failed to comply to the deadline set by New York Stock exchange on Nov 15, that demanded a fiscal report of the year 2009, prompted the company to take the decision.
At 9:45 AM, the nifty was raised by 25 points and 0.42 per cent at 6043.30. the bench mark opened at 6018.30. it touched about 6067.35 for 50 share index in the early hours but things got worse from the latter part of the day. Mahindra Satyam will delist its American Depositary Receipts (ADRs) from the NYSE on October 14, as the company reportedly cannot restate US-GAAP financial statements for the period between March 31, 2009 till October 15. Therefore the company’s sensex ended with 148 points decrease today.
In any case the company has been suffering from financial hazards ever since the biggest corporate scam was busted. Its stock value has been improving ever since the the Mahindra acquisition occurred. With the news of its withdrawal from the New York Stock Exchange, total volume of shares traded today was decreased by 10.13%, which comes to almost 29,278,046, which is very less when compared to the share traded in the last 22 days, which was 32,576,961 on an average. Today, when the day started, the stock price of each share was Rs.100 in the Bombay Stock Exchange. By the afternoon, it reached the day’s high by reaching Rs102.45. However it ended with Rs98.35.
- Mahindra Satyam merger with Tech Mahindra likely next year - May 23, 2011
- Mahindra Satyam ADRs start trading over-the-counter - Oct 14, 2010
- Spanish firm files for delisting from New York Stock Exchange - Feb 24, 2011
- Mexican phone giant delists from foreign exchanges - Dec 21, 2011
- Mahindra Satyam to exit American Depository Share programme - Aug 10, 2011
- Mahindra Satyam posts flat Q1, Q2 revenues (Lead) - Nov 16, 2010
- Mahindra Satyam posts flat revenues in first two quarters - Nov 15, 2010
- Mahindra Satyam appoints three executives for Americas - Nov 22, 2010
- iGate proposes to de-list Patni Computer Systems - Nov 16, 2011
- Tech Mahindra, Mahindra Satyam to merge (Lead) - Mar 21, 2012
- Mahindra Satyam to acquire minority stake in Dion Global - Feb 10, 2012
- Satyam shares volatile ahead of annual earnings in two years - Sep 29, 2010
- Nirma shareholders vote for delisting - Nov 22, 2010
- Satyam to delist shares from Euronext Amsterdam - Apr 14, 2009
- Mahindra Satyam net profit at Rs.534 crore - May 17, 2012
Tags: acquisition, adrs, american depositary receipts, bench mark, bombay stock exchange, corporate scam, financial hazards, financial statements, fiscal report, kar, new york stock, new york stock exchange, nyse, satyam, sensex, share index, stock price, stock value, york stock exchange