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| No significant business exposure to Satyam: banks | |
| Press Trust of India / Mumbai January 7, 2009, 20:48 IST | |
Three major Indian lenders -- Bank of Baroda, ICICI Bank and HDFC Bank -- which have dealings with the troubled IT-major Satyam today said they have only "insignificant" exposure in the company.
"Bank of Baroda has no major exposure to Satyam Computer except that we have some current account deposits of Satyam, which are collection accounts," Bank of Baroda Executive Director V Santhanaraman told PTI here today.
Shares of the fourth-largest outsourcing firm in the country fell to a ten-year low after its Chairman B Ramalinga Raju confessed that the company's balance sheet was manipulated and the profit numbers were inflated.
Following the admission of Raju, shares of the company plunged by 78 per cent to about Rs 40 at the close of trading session on the Bombay Stock Exchange.
ICICI Bank, another banking partner of the struggling IT- major, said the bank did not have any fund-based exposure to Satyam Computer Services other than a marginal exposure of about Rs 3 crore on account of a forward contract.
Besides, the company has a deposit with ICICI Bank in a current account. The balance in this account is not material, the bank said.
HDFC Bank, another leading private lender in the country which has dealings with the Hyderabad-based IT firm, said the bank has no "significant" exposure to the IT service provider.
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