Aberdeen Asset Management, one of the largest investors in Satyam, has offloaded its entire shareholding of about 5.6% in the firm. The shares have been sold at a price of between Rs 41-43. Other institutional shareholders have also exited the IT services firm after Satyam Chairman Ramalinga Raju resigned saying he falsified earnings and assets. More than 14 crore Satyam shares we traded on Wednesday as the stock closed at Rs 39.95, down by 77.7%.
The share price of Aberdeen, which is listed in London, also reacted to the news as they fell by nearly 5%. Aberdeen became the largest shareholder in Satyam after institutional lenders have continued selling the stake pledged to them by the promoters. Raju, whose stake has fallen from more than 8% to 3.16% in past few weeks, has pledged his entire stake to lenders.
Swiss Finance Corporation, an arm UBS, also sold its stake in Satyam for prices between Rs 74-85. Other shareholders like Fidelity Asset Management and Morgan Stanley have also exited Satyam at Rs 108 and Rs 68 respectively.