Mahindra Satyam (earlier Satyam Computer Services) shares fell 10.9 per cent on the BSE after investigating agencies said the loss suffered by investors in the fraud may stretch to Rs 14,000 crore instead of the initial estimate of Rs 7,800 crore. However, the BSE Sensex rose 67.87 points, or 0.4 per cent, to 17,198.95, its highest close since October 20.

The scrip ended the day’s trade at Rs 90.55, down by 10.92 per cent from its previous close on the BSE. During day hours, shares moved between Rs 102 and Rs 88.15.

Investors dumped the stock amid concerns of further downside after the CBI chargesheet as the amount of fraud estimated by the CBI is almost double the initial estimate of Rs 7,800 crore. According to the CBI chargesheet, accused persons created fake customers and generated fake invoices to inflate the company’s revenues to the tune of Rs 430 crore.

Govt mum on scam amount

New Delhi: Amid reports that the Satyam accounting fraud could be as high as Rs 14,000 crore, the government on Wednesday remained tight-lipped and said the real amount would be brought before the court of law. “Let’s hope everything that has to be placed before the court is done for the purpose of proving criminal culpability; which ultimately has to be proved in the court. Let me not say something that will weaken our case or help the other side,” corporate affairs minister Salman Khurshid said. PTI