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Mahindra Satyam shares plummet

November 25, 2009

Shares in Mahindra Satyam dropped nearly 11 percent on Wednesday after a media report said the Central Bureau of Investigation had found evidence of an additional 4,739 crore rupees corporate fraud at the IT services firm.

The stock closed at 90.55 rupees, its lowest in over four months. It had closed at 123.25 rupees on September 1, its highest closing point since January 7.

Mahindra Satyam fell on high volumes of over 33 million shares on the BSE and ended as the second-most traded counter.

However, at the Reuters India Investment Summit, a top company executive said customer attrition has stopped and the company was not offering price cuts to win new deals.

Are you optimistic about this stock, or do you think it will fall further

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