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Satyam founders' stake drops further

Thu Jan 8, 2009 9:47am EST

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MUMBAI, Jan 8 (Reuters) - SRSR Holdings, an investment vehicle of the promoters of Satyam Computer (SATY.BO), has sold a 1.27 percent stake of pledged shares in the outsourcing firm, a disclosure to the stock exchange showed on Thursday.

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The stock was sold on the open market, and SRSR Holdings now held 2.34 percent of the company's stock, the disclosure showed.

Earlier this week, Satyam said the founders' stake in the firm had dropped to 3.6 percent after institutional lenders sold the stock.

Satyam chairman Ramalinga Raju resigned on Wednesday after revealing India's biggest corporate scandal in memory, sending the company's shares plunging nearly 80 percent. (Reporting by Bharghavi Nagaraju; Editing by John Mair)

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