Satyam Scandal, Satyam Fraud, Ramalinga Raju Discloses Satyam Computers Faked The Balance Sheet And Inflated Profits

The stock markets are in for a rude shock today as Ramalinga Raju, the chairman of Satyam Computers disclosed the details about the financial details of the company. Ramalinga Raju disclosed that the balance sheet of the company was manipulated over the years and the profit of the Satyam Computers was inflated.

Board of Directors say they were unaware of the manipulations. Satyam Computers showed the cash balance of Rs. 5040 crore which was fake and the interest from income worth Rs 376 crore was fake too! The liabilities of the company were artificially shown low.

Stock market is reacting very badly. Satyam share price has tumbled down by around 50% to Rs 90 as of this writing.