The Satyam scandal has changed the pecking order of the top IT services firms in India. HCL Technologies has emerged as the fourth largest IT firm by market value as well as revenues and profits. This follows revelation of overstatement of Satyam's numbers by its former chairman and founder B Ramalinga Raju.

According to Raju's disclosures, Satyam reported non consolidated revenues for the second quarter ending September of Rs 2,700 crore and an operating margin of Rs 649 crore (24%  of revenue) when the actual revenue was Rs 2,112 crore and an actual operating margin of Rs 61 crore (3% of revenues).

Raju said the revenues of its subsidiaries were not fudged and if we include this figure then Satyam had consolidated revenues of Rs 2,232 crore. Stack this against HCL Technologies' consolidated revenues of Rs 2,369.3 crore for Q2 (Q1 for HCL as it follows a July-June financial year).

So Satyam had lower revenues and profits for the second quarter compared to HCL Tech. Moreover, Satyam's market cap crashed to a little above Rs 1,500 crore as of Friday's closing price (Rs 20) as against Rs 7,300 crore of HCL Tech.

Meanwhile, Satyam's scrip hit its 52 week low today with its stock seeing an intra day low of Rs 6.3 at NSE which gave it a market cap of Rs 425 crore. A sharp fall in fortunes compared to its 52 week high price of Rs 542 which had given it a market capitalisation of Rs 36,502 crore.

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