The Bombay Stock Exchange benchmark Sensex on Wednesday suffered the most this year by losing 749 points on panic selling by funds after Satyam Computer said profit had been inflated for years, raising concerns of dim third-quarter earnings by blue-chip companies.
The Sensex, which had gained over 688 points in the last four sessions of 2009, tumbled below the crucial 10,000 point level, losing 749.05 points to reach 9,586.88. It touched the day’s low of 9,510.15 and a high of 10,469.72 points, showing a wide fluctuation of nearly 960 points.
Satyam Computer crashed by Rs 139.15 or 77.69 per cent to close at Rs 39.95, after the Chairman announced the company had falsified accounts and assets for several years. Amazingly, the company ADR on the US stock market — Nasdaq — closed higher by four per cent last night.