Satyam Computer head quits, admits doctoring books : The chairman of India's Satyam Computer Services Ltd. quit Wednesday after admitting the company's profits had been inflated for several years, sending shares of the software services provider plunging by more than 70 percent. The news dragged down the benchmark Sensex stock index 7.3 percent to 9,594.47. The company's balance sheet was loaded with "fictitious" assets and "non-existent cash," Chairman B. Ramalinga Raju said in a letter to the board, which was released to the Bombay Stock Exchange. Satyam, which employs about 53,000 workers, had "inflated profits over a period of (the) last several years," Raju said. Its shares crashed 71 percent to 51 rupees. Raju said that none of the other board members had any knowledge of the fraud. He apologized to all stakeholders in... [read full story]
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![wsj.com: [B. Ramalinga Raju]](http://www.newstin.com/image.a?id=24998043.png)
