"Another uncertainty is the risk that the deal falls apart and Satyam goes back to square one," Sudin Apte, country head of the market research firm, wrote in the report.
On Tuesday, India's federal crime bureau filed charges against nine people including Satyam's founder, former chief financial offer, former managing director and two former external auditors. All of them are being held in jail.
Satyam has not reported earnings since reporting July-September in October as its accounts are being restated.
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