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Wednesday, January 07, 2009

Mutual Funds lost more than Rs 450 crore in Satyam's slide

Mutual funds may have seen the value of their combined holdings in Satyam Computer Services drop by about Rs 450 crore as Satyam shares declined over 76.88% as on 7 January 2009 at 2.45 pm.

According to the latest data, as many as 35 fund houses collectively held 3.266 crore shares of Satyam computers as on 30 November 2008, which was mutual fund's third largest holdings in the Software sector. After Ramalinga Raju Managing director announcing his resignation confessed of reporting inflated figures in the accounts of the firm, the stocks of the company declined by 76.88% recorded at 2.45 pm on BSE.

More over the fund houses had lost more than Rs 283 crore while the company announced the proposed acquisition of Maytas Properties and Maytas Infra on 17 December 2008 and the shares slide more than 30%. But some fund houses started investing in the shares of Satyam after it announced the buy back in the same month where, the share prices sustained the level around Rs 175 and above. On the whole the mutual funds have lost more than Rs 700 crore within the couple of months in this single investment itself.

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