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Aberdeen says it hasn't changed India's investment outlook
Aberdeen Asset Management Asia Ltd., the second-biggest investor of Satyam Computer Services Ltd. as of September, said the resignation of the software maker's chairman hasn't changed its investment outlook for India.
- Bloomberg
- Published: 23:38 January 7, 2009
Singapore: Aberdeen Asset Management Asia Ltd., the second-biggest investor of Satyam Computer Services Ltd. as of September, said the resignation of the software maker's chairman hasn't changed its investment outlook for India.
Satyam's Chairman Ramalinga Raju resigned today after saying he falsified accounts and assets, sending shares of the Indian software services provider to a record decline.
Raju unsuccessfully tried to sell two companies to Satyam last month in a final attempt to plug 50.4 billion rupees ($1.04 billion) of "fictitious assets" on its balance sheet, Satyam said.
Aberdeen owned about 5.1 percent of Satyam as of September, according to the Hyderabad-based company.
The stock plunged 78 percent today, extending a 58 percent decline in the past year.
Aberdeen, which manages $37.3 billion in funds and assets, declined to say how many shares of Satyam it still holds or whether it had sold any of its holdings after the announcement.
"People will grow a bit more dispassionate, but you can say the same for the U.S. and elsewhere," Hugh Young, managing director at Aberdeen, said in a telephone interview from Singapore today.
"India has great companies that do the right things, the Glaxos and Unilevers of the world, and hopefully this is a one-off."
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