NYSE halts trading in Satyam Computer

New York/New Delhi, Jan 7 (PTI) New York Stock Exchange today halted trading in Satyam Computer at its bourses in the US as well as Amsterdam in Europe, after founder and Chairman Ramalinga Raju disclosed financial bungling at the Indian IT major. "Yes, the stock is halted in New York and Amsterdam," a spokesperson for NYSE Euronext told PTI in an emailed reply on queries whether trading were being halted in Satyam shares.

In pre-market trade in the US, Satyam stock plunged by over 90 per cent to 0.85 dollars after Raju disclosed what has emerged as the biggest ever corporate fraud in India. Shares of Satyam on Indian bourses plunged by close to 98 per cent today, wiping off about Rs 10,000 crore (more than two billion dollars) from its market valuation.

Incidentally, two of Satyam's Indian rivals Infosys and Wipro that are also listed in the US, were trading with significant gains at the American bourses. NYSE-listed Wipro was trading with a gain of about 1.7 per cent, while Nasdaq-listed Infosys was up about 1.8 per cent.

However, most of the other US-listed Indian companies, such as ICICI Bank, HDFC Bank, Sterlite, Patni Computer, Rediff, Genpact, WNS, EXL Service, MTNL, Tata Motors and Dr Reddy's, were trading in the red at the US bourses. ICICI Bank was down over 13 per cent, while HDFC Bank plunged by over 10 per cent.

Besides, Sterlite was down over 9 per cent, Genpact and Dr Reddy's were down over 7 per cent, MTNL by over 6 per cent, Tata Motors by close to 5 per cent and WNS by over two per cent. PTI.