The admission by Satyam Computer Services Ltd.’s chairman that he concocted key financial results sent shockwaves across the information-technology sector, raising questions about how the scandal will affect the company’s customers and rivals.
B. Ramalinga Raju, founder and chairman of one of India’s largest IT companies, resigned Wednesday after admitting to falsifying company accounts and inflating revenue and profit figures over several years, sending the company’s shares tumbling and triggering a probe by India’s capital market regulator.
Read the article: The $1bn black hole at heart of company’s finances