Satyam tanks on CBI report

Shares of Satyam Computer Services (now Mahindra Satyam) on Wednesday plunged nearly 11 per cent on the Bombay Stock Exchange (BSE), a day after the CBI said the loss suffered by investors in the fraud may stretch to a staggering Rs 14,000 crore, instead of the initial estimate of Rs 7,800 crore. The scrip ended Wednes-day’s trade at Rs 90.55, down by 10.92 per cent from its previous close on the BSE. During day hours, shares shuttled between Rs 102 and Rs 88.15. On Tuesday, the Central Bureau of Investigation (CBI) filed the second chargesheet in the multi-crore Satyam scam against its founder chairman, Mr Ramalinga Raju, and others. Market-men said investors dumped the stock amid concerns of further downside after the CBI charge-sheet as the amount of fraud estimated by the CBI is almost double the initial estimate.