As of now we all are facing the effects of recession all over the world. Hike in prices of basic commodities, natural disasters, more demand for fuel, share markets are crashing, unemployment is increasing day by day, companies are laying off their employees, banking giants are shutting down, poverty is increasing, war clouds on many parts and ongoing wars, terrorism and so on. It is not possible to list out everything here. In addition to all these things, a new problem is emerged now. Satyam, India's 4th best IT sector betrayed the trust of public, employees, investors, share holders and so on. Due to Satyam Fiasco share markets are got affected a lot from all across the world. Many employees are scared about loosing their jobs. Clients of Satyam are moving away from them and canceling the projects.
Still you people you don't know about the Satyam Fiasco? Satyam founder and chairman Ramalinga Raju admitted on Wednesday to inflating Satyam's reported cash and bank balances by over 50 billion rupees ($1 billion). After his admittance shares of Satyam in Indian market has plunged up to 80%. According to many experts Wednesday is one of the Black Days in Indian history. Many got shocked because of this incident and finally we people are going to get affected.
For more information check the below links,
- Shocked Satyam employees begin job hunting
- Satyam scam: Raju traceless; WB image 'suffers'
- Satyam Computers clueless on whereabouts of Ramalinga Raju
- Satyam scandal highlights emerging market risks
- Satyam episode may threaten FDI in India: Foreign media
- Satyam fraud jeopardises its projects in Andhra Pradesh
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