Enlarge Photo A news cameraman films outside the headquarters of Satyam Computer, the country's fourth-largest software company,... Fri, Jan 16 11:47 AM
Lazard Asset Management has sold its 5.3 percent holding in fraud-hit Indian outsourcer Satyam Computer Services Ltd for about 777 million rupees ($16 million), stock exchange data showed.
The transaction of 35.7 million shares was done at around 21.7 rupees a share in two bulk deals at the National and Bombay stock exchanges on Thursday, when the stock had plunged about a third, the data released late on Thursday showed.
Satyam, India's No. 4 software services exporter, has been battling for survival since founder Ramalinga Raju resigned as chairman last week, saying profits had been falsified for years and $1 billion of cash and bank balances did not exist. Its shares have fallen from a record high of 544 rupees last year.
The government had replaced its board with three new members last week and doubled the size on Thursday, as it works to limit the damage from India's biggest corporate scandal.
(For full coverage on Satyam click http://in.reuters.com/news/globalcoverage/satyamstory)
(For Quotes and Interactive Charts of Satyam Computer Services click http://in.reuters.com/money/quotes/chart?symbol=SATY.BO)
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