Satyam shares drop on job cuts – the outsourcing boom over as US economy plunges into deep depression
Media Release
Sep. 15, 2008

Satyam Computer Services Ltd, India's fourth-largest software services provider, was poised for its biggest drop in five years after a report that the company may fire about 9 per cent of its employees.

Satyam, which fell as much as 12.8 per cent in Mumbai trading, the most since April 2003, was 9 per cent down at Rs 371.5 at 11:16 am. Satyam led a decline in technology stocks on concerns that the deepening credit crisis in the US will force clients to cut back on orders further.

Hyderabad-based Satyam and larger rivals Tata Consultancy Services Ltd and Infosys Technologies Ltd in July reported first-quarter profit growth slowed as Wall Street clients reduced orders and delayed new contracts. Since then, the deepening crisis has forced the US Treasury to take over mortgage lenders Fannie Mae and Freddie Mac and losses and write downs at financial firms have crossed $500 billion.

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