World's largest anti-poverty agency World Bank has banned Satyam Computer Services. The ban which starts from September is eight years long. Satyam Computers will not be able to do any business with World Bank during the period of ban. The ban was due to ‘improper benefits to bank staff’ and ‘lack of documentation on invoices’ according to chief information and secutrity officer Robert Van Pulley.
As expected, following the news Satyam shares fell drastically on stock markets. The stock price fell as much as 14 percent to Rs. 121.50 . Satyam stocks saw the lowest ever level September since 2003.
Satyam is India's fourth largest software services provider company.