The benchmark index has tanked in the noon deals following revelations by Satyam of financial irregularities. IT and realty stocks have plunged after the shocking announcements from Satyam’s chief Ramalinga Raju, who has also quit.
In a letter to the board members, Raju also said that the company reported inflated revenues over years.
Satyam stock has tanked over 60 per cent. And the news has also hammered IT stocks. The IT index on the BSE is nearly 8 per cent while realty index is down nearly 10 per cent.
Among the other Sensex stocks, JP Asso, DLF and RCom are down over 10 per cent.
The Sensex is down 417 points to 9,918 while Nifty has shed 117 points to 2,995. Most of the Asian markets are however firm today on hopes that stimulus measures from a new US administration would help speed the world's economic recovery. Also buoying the Asian markets are overnight gains on Wall Street, where the Dow Jones industrial average rose 62.21, or 0.7 per cent, to 9,015.