INSTANT VIEW - Satyam chairman resigns, shares plunge
BANGALORE (Reuters) - The chairman of Satyam Computer Services, India's 4th-biggest software services exporter, announced his resignation on Wednesday, triggering a more than 60 percent drop in the company's share price.
In a statement to the stock exchange, B. Ramalinga Raju said Satyam's end-September balance sheet had been overstated. He apologised to staff and shareholders and said he was prepared to face the legal consequences.
NIRMAL JAIN, CHAIRMAN AND MANAGING DIRECTOR, INDIA INFOLINE (ON CNBC TV 18):
"I'm not particularly worried about confidence in the Indian economy or corporates in general. We have seen such corporate governance issues arise in all markets, developed as well as developing. But I hope this is one stray case and we do not have similar cases from anywhere else."
JAYESH SHROFF, FUND MANAGER AT SBI FUNDS MANAGEMENT:
"I think it's a shocker."
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