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Mahindra Satyam dives after results

September 30, 2010


Shares in Mahindra Satyam ended 8.7 percent lower at 90.25 rupees on Thursday after the company reported a net loss for 2009 and 2010 after market hours the previous day.

For the year ended March 2010, Satyam posted a net loss of 1.25 billion rupees on revenue of 54.8 billion rupees. For fiscal 2009, it had a loss of 81.77 billion, wiping out most of the revenue of 88.13 billion rupees.

In another report, JPMorgan downgraded Mahindra Satyam to neutral from overweight as restated financials restored normalcy. Shares in Tech Mahindra ended 5.2 percent lower at 752 rupees.

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