The chairman of Satyam Computer Services (SATY.BO: Quote, Profile, Research), India's 4th-biggest software services

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exporter, announced his resignation on Wednesday, triggering a more than 60 percent drop in the company's share price.

In a statement to the stock exchange, B. Ramalinga Raju said Satyam's end-September balance sheet had been overstated. He apologised to staff and shareholders and said he was prepared to face the legal consequences.

R.K. GUPTA, MANAGING DIRECTOR, TAURUS ASSET MANAGEMENT, NEW DELHI:

"If a company's chairman himself says they built fictitious assets, who do you believe here? Not only Satyam, this has put a question mark on the entire corporate governance system in India. Probably he will face a rigid enquiry. Anyway, things are pretty bad."



V.K. SHARMA, HEAD OF RESEARCH, ANAGRAM STOCK BROKING:

"It reduces confidence (in corporate governance). It's absolutely wretched.

"There is no option right now (for Satyam). People will leave, clients will walk away. It's a very, very dire thing that has happened. There will be question marks raised everywhere."



JIGAR SHAH, SENIOR VICE-PRESIDENT OF KIM ENG SECURITIES:

"I think there is no future for this stock. This case for India is similar to what happened to Enron in the U.S.

It will not stop at Satyam. Many more companies will come into scrutiny like that. There is a strong possibility investments in India will be affected."