Mahindra Satyam has told the New York Stock Exchange (NYSE) that it plans to delist its American Depository Receipts (ADRs) from the Exchange. It also said that the company was likely to miss the deadline to report the results for the financial year. Satyam is facing several law suits from share holders in the United States filed after an accounting fraud surfaced at the Hyderabad-based company. Following this, the ADRs plunged by over 25 per cent in early trade on Friday.
News On AIR | September 25, 2010 12:56 PM
Would delist ADRs: Mahindra Satyam to NYSE