The Satyam scandal today propelled the intra day volume by 10 per cent to 15 per cent in Rajkot and Saurashtra regions of Gujarat. Satyam stock constituted around 40 percent of the total volume registered today in these areas.
“Intra day volumes in Rajkot and Saurashtra today surged by 10 to 12 percent and Satyam played major role in pushing up the volumes.
The total daily trading volume in Saurashtra is about Rs. 1,000-1,200 crore, of which 80 percent is intra day and 20 percent delivery based trading”, said Vijay Popat, regional manager (Rajkot), Angel Broking Ltd. “Satyam fraud today pushed up the intra day trading volume by 5 to 10 percent across the country. Daily volume in the company's share also registered a surge of 35-40 percent”, Manishbhai Mansata, channel partner of Nirmal Bang said. Following the reports of fraud and resignation of Satyam chairman Ramalinga Raju, the company's share today nosedived by 78 percent to Rs.39.95 at the end of the day from previous close of Rs.179.10.