BNP Paribas India mutual fund unit exits Satyam
7 Jan 2009, 1546 hrs IST, REUTERS
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MUMBAI: The Indian mutual fund venture of BNP Paribas has sold its entire
holding in Satyam Computer Services, a top executive said on Wednesday.
The fund house raised its holding in the embattled software firm tenfold
in December to more than 5 million shares, but sold the entire stake in the
last week, Satish Ramanathan, head of equities, Sundaram BNP Paribas Asset
Management
, told Reuters.
"In January, we have sold... before this event," he said, referring to a
free fall in Satyam's shares after its chief said earlier on Wednesday that the
firm's profits had been inflated. Sundaram held more than five million shares
worth about 880 million rupees in Satyam at end-December, ten times its
exposure at November-end, data from fund tracker ICRA Online showed.
Ramalinga Raju, chairman of Satyam, India's 4th-biggest software services
exporter, resigned on Wednesday, saying the company's profits had been inflated
over recent years, sending Satyam shares plunging as much as 80 per cent.
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Satyam News on ET AT 3.46 pm
Shenoy Investment & Fin. Cons. Pvt. Ltd Fri, 09 Jan 2009 03:35:54 -0800
