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article imageMarkets in US Sharply fall, Satyam suffers Major blow

By Bodhisattva Banerji     Jan 8, 2009 in Business
The effect of Satyam Computers's disastrous development has had a severe effect on the US markets. All major stock markets fell in a major way as the Satyam itself suffered a huge blow.
The effect for the disastrous development of Satyam Computers is simply not showing any sign of ending. The US markets, in an obvious effect perhaps, fell sharply. According to latest reports the falling of share price in such a sharp way had a major effect amongst the investors that went into a real panicky state.
According to various reports by news agencies, all the major US markets experienced this traumatic phase as the Dow Jones went down 245 points to 8770, which stands at 2.8 %, the Nasdaq lost 3.2% and stood at 1599 points when markets finished the day.
The Satyam Computers remained the single biggest loser of the day as no less than 91% of their share price fell as the NYSE halted trading.
Amongst other Indian ADRs' the ICICI Bank lost 13.3% while the HDFC Bank declined a massive 10.4%. The Tata Motors as well, lost 7%. The Sify, another Indian IT major, was down by 18%. In a major boosting news however, it was reported that the Infosys even in this turmoil went up 1.3%.
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