BSE de-lists Satyam, Sun Pharma replaces scrip on Sensex (Lead)January 8th, 2009 - 8:46 pm ICT by IANS
Mumbai, Jan 8 (IANS) Scam-tainted Satyam Computer has been de-listed by the Bombay Stock Exchange (BSE) with effect from Jan 12, the BSE said in a statement Thursday.The scrip closed at Rs.39.95 Wednesday after a 77.69 percent freefall after the company’s founder-chairman B. Ramalinga Raju confessed to a Rs.70-billion (Rs.7,000-crore) accounting fraud and resigned. The market was closed Thursday on account of Moharram.
Satyam has been replaced by Sun Pharmaceutical Industries on the BSE’s benchmark index, the Sensex, while GlaxoSmithkline Pharmaceutical nudged it out on the BSE-100 index.
On the BSE-200 index, Satyam’s slot has been taken by Castrol India, and by Cadilla Healthcare on the BSE-500 index.
“Additionally, Satyam Computers Ltd will also be excluded from BSE-TECH and BSE IT index,” the BSE statement added.
The BSE move comes a day after the New York Stock Exchange (NYSE) halted trading on Satyam’s American Depository Shares after the scam came to light.
“NYSE regulation is currently evaluating the news relating to Satyam and will continue to closely monitor further developments,” the exchange’s regulation office said in a statement.