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April 12, 2001
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Money > Reuters > Report April 12, 2001 |
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India to probe alleged Satyam results leakCapital market watchdog Securities and Exchange Board of India has asked two stock exchanges to investigate an alleged leak of the financial results of Satyam Computer Services Ltd ahead of its board meeting, two newspapers said on Thursday. The Bombay and Hyderabad stock exchanges have been asked to probe the leak, which appeared on two websites about 40 minutes before the board meeting on Tuesday, the Business Standard and The Economic Times reported separately. Satyam's shares, which were languishing at an intra-day low of Rs 217, surged in evening trade to close Tuesday up 7.37 per cent at Rs 233. Dealers attributed the rise to the leaked results. Satyam has denied releasing the results before the board meeting. The company, India's fourth largest software exporter, reported a better-than-expected 164 per cent increase in earnings for the January-March quarter. Indian share markets have been rocked recently by allegations of insider trading and price manipulation. The benchmark Bombay exchange index has lost more than 21 per cent from a peak hit on March 1, a day after a market-friendly reformist budget was unveiled, on a combination of bear hammering and the insider trading and price manipulation allegations. The reported probe also comes at an embarrassing time for Satyam which is planning an issue of American depositary receipts. Its subsidiary Satyam Infoway is already listed on the Nasdaq. "We are examining the possibility of anyone accessing the unapproved information even for a few seconds from our website due to any technical snag," Satyam Computer's company secretary G Jayaraman was quoted as saying in the Business Standard. Satyam officials were not immediately available for comment. Sebi's action will be based on the reports the stock exchanges submit, executive director L K Singhvi was quoted as saying by the Economic Times. He did not specify a time frame. A financial daily also said that Sebi is examining the trading patterns of Satyam's shares on Tuesday to determine any evidence of insider trading.
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