Chairman B. Ramalinga Raju of Satyam Computer Services in Mumbai, India's fourth largest software company, announced today that for several years the company's balance sheets were pretty much works of fiction. As a result the stock collapsed pulling down the Sensex.
Satyam shares crash 77% after $1 billion overstatement - MarketWatch
How they managed to get this past the auditors is beyond me...
Satyam shares crash 77% after $1 billion overstatement - MarketWatch
Shares of Satyam Computer Services crashed 77% in Mumbai Wednesday, after the founder and chairman of India's fourth-largest software company resigned, saying the company had inflated its cash and bank balances on the balance sheet by more than $1 billion.
How they managed to get this past the auditors is beyond me...