Birla Sun Life mutual dumps Satyam

Reuters
Posted: Friday, Jan 09, 2009 at 1105 hrs IST
Updated: Friday, Jan 09, 2009 at 1105 hrs IST

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Mumbai: The Indian mutual fund venture of Canadian insurer Sun Life Financial has dumped Satyam Computer Services in the last three days, chief investment officer A. Balasubramanian said on Friday.

At December-end, the fund house held 1.7 million shares worth 291 million rupees of the embattled firm, which fell more than 70 per cent early on Friday, continuing a slump it saw on Wednesday after it reported falsely inflating profits for many years.

Indian mutual fund industry collectively owned 3.92 per cent of the software exporter across 135 schemes at the end of November, data from fund tracker ICRA Online showed.

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