NSE removes Satyam from Nifty; NYSE halts trading

mumbai/ new york: The National Stock Exchange removed Satyam from its benchmark index Nifty. The IT firm will be replaced by Reliance Capital with effect from January 12. Satyam would also be removed from various other indices like CNX 100, S&P CNX 500,CNX IT and the CNX Services sector index, the NSE said. Meanwhile, the New York Stock Exchange halted trading in Satyam Computer at its bourses in the US as well as Amsterdam in Europe.

Merrill snaps ties with Satyam over irregularities

mumbai: Investment banker DSP Merrill Lynch said it has terminated its services with software services firm Satyam, after coming to know about the “material accounting irregularities” in the IT firm. The investment banker, which was appointed by Satyam Computer to consider strategic options, had yesterday communicated to the company about the said termination. “We, DSP Merrill Lynch Limited, have terminated our advisory engagement with Satyam Computer Services Ltd for considering various strategic options on January 6, 2009,” DSP Merrill Lynch said in a statement.