Updated on Thursday, January 08, 2009, 00:00 IST

New York, Jan 08: Beleaguered Indian IT firm Satyam Computer Services on Wednesday plunged nearly 84 per cent in the pre-market trading on the US bourses after the disclosure of fudging of accounts by Satyam founder B Ramalinga Raju.

At the New York Stock Exchange, Satyam' American Depository Receipts (ADRs) plunged to 1.53 dollars from 9.35 dollars in the pre-market trading.

The company's ADRs plunged following the resignation of Raju as its Chairman after disclosing major financial wrong-doings and saying his last-ditch efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed.

"The ADRs took cues from the domestic market and when the US market opens it would plunge as much as 80 per cent, as the investors know that the company's fundamental have been shaken and their confidence has been shattered," Kejriwal Research and Investment Services Director Arun Kejriwal said.

Satyam's ADRs had closed up four per cent at 9.35 dollars yesterday.

On the Bombay Stock Exchange yesterday, Satyam shares nosedived 78 per cent to settle at Rs 39.95. During the day, the scrip had plunged 83 per cent to a low of Rs 30.70.

"The Satyam case is entirely disastrous and the investors have been completely misguided and misled. People will not think more in the company as some more frauds may be revealed in the near future," Ashika Stock Brokers' Research head Paras Bothra said.

Bureau Report