SEBI initiates probe into Satyam fiasco

Market regulator Securities and Exchange Board of India,which has ordered a probe into the Satyam scam,on Thursday swung into action despatching its investigation team to Hyderabad.

The committee,headed by Sebi’s Southern Region General Manager A Sunil Kumar,has reached Hyderabad and will start the investigation soon,a senior Sebi official said.

Sebi formed the special team following the confession by the IT-major’s Chairman B Ramlinga Raju yesterday admitting gross manipulations in the company’s balance sheets in the past several years.

Shares of Satyam had slumped to a 10-year low on Wednesday following the developments in the company.