Posted AT 1:50 PM EST on 07/01/09
India rocked by financial scandal
NEW DELHI — The chairman of India's Satyam Computer Services Ltd. quit Wednesday after admitting the company's profits had been doctored for several years, shaking faith in the country's corporate giants as shares of the software services provider plunged nearly 80 per cent.
The company's balance sheet — riddled with “fictitious” assets and “non-existent” cash — contained a $1-billion (U.S.
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