Mahindra Satyam plunges 9% on BSE

Shares of Mahindra Satyam tumbled nearly 9 per cent on the BSE, after the company reported losses for the financial year ended March, 2010.

Mahindra Satyam, formerly Satyam Computer Services, had yesterday reported the financial results for 2008-09 and 2009-10. It had reported a net loss of Rs 124.60 crore for the financial year ended March 2010, while the same was at Rs 8,176.8 crore in FY'09.

Satyam's board has also approved the delisting of its shares from the New York Stock Exchange (NYSE) following its failure to comply with the US accounting norms.
    
The stock opened the day on a weak note and went into a tailspin, plunging 8.90 per cent to close at Rs 90.10 on the Bombay Stock Exchange. During the day, it had lost 9.50 per cent to hit an intra-day low of Rs 89.50.
    
"The market went overboard on Satyam and when the discouraging results came in, the stock went into a southward journey. Selling pressure too added to the woes of the company," Unicon Financial Services CEO Gajendra Nagpal said.
    
On the National Stock Exchange, the stock finished the day lower by 8.94 per cent at Rs 90.10.
    
In terms of volume, over six crore shares of the company were traded on the two bourses during the day.
    
Besides, Wipro closed with a gain of 1.61 per cent, Infosys Technologies 0.39 per cent, TCS 0.16 per cent.
    
The BSE IT index settled the session at 5,947.07, up 15.41 points, while the broader market barometer Sensex ended higher by 112.78 points at 20,069.12.