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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Indian IT firm Satyam cancels Maytas acquisition AFP - Thursday, December 18 MUMBAI (AFP) - - India's fourth biggest software exporter, Satyam, on Wednesday abruptly reversed its decision to buy infrastructure firm Maytas Properties, saying investors had rejected the plan. "We have been surprised by the market reaction to this decision," which was announced just a day earlier, said Satyam chairman and founder Ramalinga Raju in a statement to the Mumbai stock exchange. "In deference to the views expressed by many investors, we have decided to call off these acquisitions." Global investors gave a thumbs-down to the 1.6 billion dollar deal, with Satyam's shares slumping sharply after the deal was announced on Tuesday. Satyam Computer shares fell 68.45 rupees or 30.22 percent to 158.05 on the Mumbai stock exchange on Wednesday, and plunged 54.5 percent to 5.7 dollars in New York on Tuesday. India's market sentiment was impacted, with the benchmark 30-share Sensex down 2.62 percent on Wednesday, led by software and property stocks. "The Satyam deal dampened the mood," said a dealer with brokerage Pyramid Securities. Satyam Computer Services Ltd is a leading software consultancy, system integration and outsourcing firm with clients across 65 countries. Its management had said it was planning to reduce risk for its core business by branching out into the infrastructure business, acquiring Maytas Properties, an infrastructure and construction firm. Analysts raised several concerns linked to the deal and the manner in which Satyam went about it. "Satyam spoke about de-risking core business... how will Satyam's IT clients react to this?" Viju George, analyst with brokerage Edelweiss Securities, said. "Will they cut back incremental business to Satyam on a significant scale going forward?" he added, saying that "the answers (to these questions) are not encouraging." India's once-booming real estate market, which drew a host of international investors, has fallen on hard times amid the global economic downturn and credit crunch. The property market has been hit by a construction oversupply with a slowing economy knocking the confidence of homebuyers. The Realty Index of the Bombay Stock Exchange has tumbled by some 80 percent this year. Indian state-run banks announced Monday they would offer cheaper housing loans as the government seeks to shore up the country's sagging property sector. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business StanChart says rights issue 96.95 pct subscribedReuters - 26 minutes ago Court refuses to oust Illinois governorReuters - 28 minutes ago Japan Hot Stocks-Honda, Panasonic, SanyoReuters - 32 minutes ago S.Korea c.bank to lend banks $4 bln via Fed lineReuters - 32 minutes ago Argentine Senate approves takeover of airlineAP - 35 minutes ago Enlarge Photo Indian IT firm Satyam cancels Maytas acquisition Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed 'Dark energy' expands, contracts universe: researchers Bush laughs off Iraq flying shoes drama Actress Jennifer Aniston appears naked in GQ magazine Fed cuts rate to virtually zero, will expand stimulus moves OPEC agrees to record cut in oil output: Saudi minister View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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