We did a doubletake when we saw the size of the Satyam fraud, since we were sure the reports must’ve contained a typo. But it was really that big, and now Satyam shareholders will be wiped out completely. The pre-market trade had the stock at $.82, down from $9.35 yesterday, and it has yet to open in regular trading. On our screen, we see a bid of a single penny.
On a market cap basis, this is a loss of about $3 billion, though if you go back to its recent highs, when the stock was trading around $29, it’s more like a $10 billion collapse.
Pocket change these days.