It couldn't have been worse.With India's 4th largest software exporter, Satyam Computers all over in news for all the wrong reasons,2009 turns out to be a bad start for Indian IT industry.
Though people are talking about prospects of IT cos remaining unaffected,as Large overseas companies still need to cut costs, and India retains its preference,the Stock market revealed a different saga as it just took 2 weeks for this 2 decade old company to spiral down(the company's share plummeted a record 78 % in a day),as the founder, Ramalinga Raju confessed of blowing up figures up to 5 times to show enhanced profit of Rs 7200 Crores of Rupees.In the recession affected industry,where job scenario already looks so bleak,around 53000 Satyam employees have already pressed the panic button, with recruitment sites getting over 18,000 CVs in a single day, all from Hyderabad.
As the corporate governance comes into question, the Indian business ethics need to be revised.Apart from the investors & employees,it is the brand India image which has been affected the most.India didn't really deserve this 'Enron level magnitude' scandal, at this point of time.
No, doubt the only thing certain about future is uncertainty..!
very true...the future is unpredictable.. but tht wasn't with Raju!! ;)ReplyDelete
the figures u mentioned don't seem to be serious..i mean u may correct them to create a better and bigger effect.
Yep..wonder how Raju lived all these years accepting rewards for all this fake..!ReplyDelete
Thanks AnOnYmOuS , post edited, figures corrected I guess.