Satyam investors lose over 13,000 cr

Investors have lost a whopping Rs 13,600 crore (USD 2.82 billion) in Satyam shares in less than a month, since the skeletons started tumbling out of the company's cupboards.

The market capitalisation of Satyam fell to Rs 1,607.04 crore from Rs 15,262 crore at the end of trade on December 16, 2008, the day when Satyam announced an USD 1.6 billion acquisition deal of two firms promoted by the kin of IT firm's former chairman Ramalinga Raju. However, the company aborted the deal hours later after the investors dissent.

Satyam - Raju's letter to his employees

Here is the Link for Satyam Raju's letter to his associates

US aluminum giant Alcoa to cut 13500 jobs

The largest US aluminium maker, Alcoa, announced Tuesday that it would cut its global workforce by 13,500 jobs, or 13 per cent, by the end of the year amid the widening recession.