Satyam says customers remain supportive

Indian provider attempts to reassure customers following fraud revelations

Satyam is facing a potential crisis

India’s fourth largest outsourcing provider, Satyam, is busy reassuring customers that business will continue as usual following the financial fraud committed by the company’s chairman Ramalinga Raju.

Raju resigned on Wednesday after admitting he had inflated Satyam’s profits by 50.4bn rupees (£682m) over the last seven years.

Following the news Satyam’s shares plummeted by more than 60 per cent.

At a press conference on Thursday, Satyam said it had received strong expressions of confidence from customers.

A large number of Satyam’s senior managers also pledged their commitment to remain in the company.

“While we have to address various customer concerns, we have been heartened by expressions of confidence and support from various clients,” said interim Satyam chief executive, Ram Mynampati.