Equity Alert: Satyam dn 5% on news of US co claiming $1 bln damages

[K.Karthik Raja]

Equity Alert: Satyam dn 5% on news of US co claiming $1 bln damages
MUMBAI--12:36PM--Shares of Satyam Computer Services were down
nearly 5% at
495 rupees in a weak broad market on news U.S. online and mobile
payments
firm Upaid Systems has claimed damages in excess of $1 bln in its
lawsuit
against the company, dealers said.
Upaid, which had filed a fraud and forgery lawsuit against Satyam
in Texas
in Apr 2007, has also sought punitive damages to be awarded against
the
Indian outsourcing firm.
Analysts said there is little clarity on the issue yet, but it has
the
potential to dent Satyam's finances significantly.
Satyam shares were traded in high volumes of 3.5 mln on BSE and
NSE
combined.
It has breached its significant support levels and the next
support is
only likely around 480 rupees, a technical analyst said.
June futures of Satyam Computer were trading at a marginal premium
to the
spot, with open interest up 7.84%.