New York, Jan 12: The New York Stock Exchange on Monday
said it will delist Satyam shares only if its average share
price for 30 trading sessions goes below one dollar.
With a plunge of over 90 percent at the NYSE, Satyam
today slipped below one dollar level in the early morning
trade but regained this mark shortly thereafter.
Asked if the NYSE will issue a notice for possible
delisting of the company for shares dipping below one dollar,
NYSE spokesperson told PTI in an e-mailed statement, "No, the
average closing price of a security must be less than one
dollar over a consecutive 30 trading-day period.
When that average price is reached, the company receives
a letter from New York Stock Exchange Regulation informing the
company that it has six months to get the price above one
dollar or face suspension and delisting."
Satyam was trading at 1.19 dollars, down 87.38 per cent
on the NYSE. After opening at 1.04 dollar shares of the Indian
firm touched a low of 0.78 dollar in the intra-day trade
today.
NYSE had halted Satyam's trading on January 7 after the
disclosure of fraud by its founder and Chairman B Ramalinga
Raju. However, it resumed trading today after assessing the
company's regulatory filing and its suitability to remain
listed.
Bureau Report
First Published: Monday, January 12, 2009, 00:00