IT major Satyam Computer today nosedived nearly 70 per cent to an all-time low of Rs 58, following the resignation of the company’s Chairman B Ramalinga Raju and Managing Director B Rama Raju.Shares of Satyam plunged as much as 67.71 per cent to a low of Rs 58, but was later trading at Rs 73.50, down 58.96 per cent in the afternoon trade on the Bombay Stock Exchange.The scrip, which had opened at Rs 179.10, plunged within minutes of Satyam Chairman and Managing Director tendering their resignation.
Raju had been under attack over the $1.6-billion acquisition fiasco of firms promoted by his family.The counter saw frantic selling after the announcement and nearly 13 crore shares had changed hands on both the bourses within an hour. Satyam stock holds a 1.56 per cent weight in the 30-share bluechip index Sensex. Following the same, the benchmark index also plunged over 400 points and was trading down nearly 4 per cent at 9,922 points in the noon trade on the BSE.
The resignations, ahead of the January-10 board meeting, has pushed the company into crisis and paved the way for immediate restructuring of the board and the management.On the National Stock Exchange, the scrip plunged 55.63 per cent to an all time low of Rs 79.40. It was later trading at Rs 80, down 55.29 per cent in the afternoon trade.In a regulatory filing, the company said Raju would continue to be the chairman till the board is expanded.