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Money News

BNP Paribas India mutual fund unit exits Satyam

MUMBAI (Reuters) - Mutual fund venture of BNP Paribas has sold its entire holding in Satyam Computer Services, a top executive said on Wednesday.

The fund house raised its holding in the embattled software firm tenfold in December to more than 5 million shares, but sold the entire stake in the last week, Satish Ramanathan, head of equities, Sundaram BNP Paribas Asset Management, told Reuters.

“In January, we have sold... before this event,” he said, referring to a free fall in Satyam’s shares after its chief said earlier on Wednesday that the firm’s profits had been inflated.

Sundaram held more than five million shares worth about 880 million rupees in Satyam at end-December, ten times its exposure at November-end, data from fund tracker ICRA Online showed.

Ramalinga Raju, chairman of Satyam, India’s 4th-biggest software services exporter, resigned on Wednesday, saying the company’s profits had been inflated over recent years, sending Satyam shares plunging as much as 80 percent.

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