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Thread: Satyam (India IT outsourcing Co.)chairman admits he cooked the books

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[quote=COOLSPRINGS,359853]Shares in Satyam, which is listed on the New York Stock Exchange, collapsed from $9.35 to 93 cents until trading was halted indefinitely.

Other Indian equities also suffered. India's Sensex index fell 7.3 percent.

"The Indian market went down over 7 percent because of what happened to Satyam," said Mario Belotti, a professor of economics at the Leavey School of Business at Santa Clara University and an expert on outsourcing. "It kind of scared everybody."

However, he noted, Accenture, a U.S. rival to Satyam, was up 38 cents for the day.

"It's not that much, but it was up," he said. "Maybe people feel they will take over some of Satyam's jobs. I would assume that Indian companies might lose some customers from the United States and from Europe."

But others said they don't think Satyam's troubles should erode confidence in India.

Norman Matloff, a professor of computer science at UC Davis and an outspoken critic of outsourcing, said it's not fair to assume accounting fraud is widespread in India based one case.

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