Satyam to remain listed as of now: NYSE

Tuesday, January 13, 2009 at 4:01 am

The New York Stock Exchange on Monday (Jan 12) said it will delist Satyam shares only if its average share price for 30 trading sessions goes below one dollar. With a plunge of over 90 per cent at the NYSE, Satyam today slipped below one dollar level in the early morning trade but regained this mark shortly thereafter.

Asked if the NYSE will issue a notice for possible delisting of the company for shares dipping below one dollar, NYSE spokesperson told, “No, the average closing price of a security must be less than one dollar over a consecutive 30 trading-day period.

When that average price is reached, the company receives a letter from New York Stock Exchange Regulation informing the company that it has six months to get the price above one dollar or face suspension and delisting.”

Satyam was trading at 1.19 dollars, down 87.38 per cent on the NYSE. After opening at 1.04 dollar shares of the Indian firm touched a low of 0.78 dollar in the intra-day trade today.

NYSE had halted Satyam’s trading on January 7 after the disclosure of fraud by its founder and Chairman B Ramalinga Raju. However, it resumed trading today after assessing the company’s regulatory filing and its suitability to remain listed.

(With inputs from agencies)

( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)

Satyam to remain listed as of now: NYSE

From World:

Todays news from Business News

Advertisement

Email Subscription

Advertisement