Aberdeen seeks $150 million in damages from Satyam; stock fallsBusiness News

April 09, 2012 12:45
Aberdeen seeks $150 million in damages from Satyam; stock falls

Shares of Mahindra Satyam Ltd came under pressure in early trade on Monday, after a group of investors led by Scottish investment house Aberdeen Asset Management have claimed damages from Mahindra Satyam.

The charges were in connection with losses Aberdeen Asset Management allegedly suffered on account of the 2009 fraud perpetrated by erstwhile Satyam promoter.

"The investors claim losses in excess of $150 million and interest at the rate of 8%, Satyam informed Indian stock exchanges on Saturday," said an ET report.

"The claim notice relates to legal action initiated Aberdeen Global and others before the High Court of Justice, Queen's Bench Division, Commercial Court in the UK," the report added.

At 12:40 p.m., shares of the company were trading 2.5% lower at Rs 78.85. The stock has hit a low of Rs 78.70 and a high of Rs 80.00.

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