Shares of Indian software and outsourcing firm Satyam Computer Services Ltd.
(SAY 4.07, -0.01, -0.25%) fell 5.7% in Thursday morning trade in Mumbai after the company posted a 1.25 billion rupee ($27.8 million) loss for the last fiscal year, in its first financial results since founder Ramalinga Raju revealed massive accounting fraud at the company in January 2009.
Revenue for the fiscal year ended March 31 was 54.8 billion rupees, roughly in line with a 54.74 billion rupee forecast from a survey of analysts reported by Dow Jones Newswires. Satyam’s loss for the 2008-09 fiscal year was even wider, at 81.8 billion rupees, but revenue for the earlier year was higher, at 88.1 billion rupees. Satyam is now controlled by former rival software firm Tech Mahindra Ltd., which took a controlling stake in the company following the accounting scandal.
Source:http://www.marketwatch.com/story/indias-satyam-posts-large-loss-shares-fall-2010-09-30
