Credit Suisse suspends coverage of India's Satyam

BANGALORE, Jan 7 (Reuters) - Brokerage Credit Suisse said on Wednesday it was suspending its coverage of Satyam Computer Services Ltd (SATY.BO) after the Indian outsourcer said its profits had been inflated over the last several years. "This clearly indicates that the current financials of Satyam cannot be relied upon," it said in a research note after Satyam's chairman and founder announced his resignation from India's No. 4 software services exporter. [ID:nSP387669]

"As such, we are unable to issue any further investment advice on Satyam and suspend our coverage of the stock," said Credit Suisse, which had an underperform rating on the share earlier. (Reporting by Sumeet Chatterjee; Editing by Ranjit Gangadharan)