Indias Major IT Company Satyam Computer Chairman Ramalinga Raju has resigned from the board. In his letter to the board, Ramalinga Raju admitted that the IT major’s balance sheet has bank balance and inflated cash of Rs 5,040 crore. No member of the Board had no knowledge of the actual situation of company. Acurred interest of Rs 376 crore in books is non- existend. Rs 1,230 crore was arranged to Satyam, but was not reflected in the books.
After the News Satyam Stock fall more then 82% from Rs 188 high to Low of Rs 30.80 on Nationatl stock exchange.
Stock was trading around Rs 38.50 At 2.25pm GMT.
According to Raju, Ram Mynampati now act as an interim CEO of company.