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Indian shares hammered by Satyam scandal

Shares on the Bombay Stock Exchange slumped 7.25% yesterday as one of the largest corporate scandals in India's history emerged involving a USD1 billion accounting fraud at IT group, Satyam Computer Services.

Indian airlines were not spared, with Kingfisher falling 13.8%, Jet Airways falling 12.7% and SpiceJet 12.5%. Kingfisher also revealed some accounting changes had carved its loss in the six months ended 30-Sep-08 by a significant USD152.7 million.

Virgin Blue shares headed the other way, surging 10.9%, for no apparent reason.

Asia Pacific selected airlines daily share price movements (% change): 07-Jan-09