Satyam drags Indian shares down 7%

Satyam drags Indian shares down 7%

Last Updated: Jan 08 2009 | 12:00 AM IST

Shares in Satyam Computer Services plunged more than three-fourth on Wednesday after the Indian outsourcer said it had overstated profits for many years, dragging Indian shares to their first loss in the New Year. The main stock index fell 7.25 percent, its biggest fall in more than two months. Investors said that they now need to be very cautious. Market analysts in Mumbai are hopeful that better time will soon be back.

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