Satyam tanks 36% in morning trade

Satyam Computer today nosedived further in early morning trade on the bourses and registered losses to the tune of 36% as negative news continued to haunt the tainted firm.

Shares of the company opened weak and then declined further to an intra-day low of Rs 20.55, a dip of 31.38% from its previous close.

On the National Stock Exchange the scrip opened at Rs 27, touched an intra-day low of Rs 19, a fall of 36.34% from its last closing price.

Satyam Computer's new board has named KPMG and Deloitte as its auditors, even as its previous bookkeeper Price Waterhouse said its audit of the IT company's account could be construed as 'unreliable' in the wake of Ramalinga Raju's admittance to fraud.

On the volume front, as much as 1.01 crore shares exchanged hands on the BSE and over 1.83 crore shares got traded on the NSE.

The Hyderabad-based IT giant went into a crisis after its former Chairman B Ramalinga Raju confessed committing serious financial irregularities running into thousands of crores of rupees, over past several years.

Meanwhile, the Serious Fraud Investigation Office (SFIO), which was handed over the probe into the Satyam fraud case, has began search operations at the company's corporate office at Madhapur.