LIC to take decision on Satyam stake soon: MD

Reuters
Posted: Wednesday, Jan 07, 2009 at 1349 hrs IST
Updated: Wednesday, Jan 07, 2009 at 1349 hrs IST

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Mumbai: Life Insurance Corp, which holds 4.34 per cent in Satyam Computer Services, will soon take a decision on its holdings in the embattled software firm, a top official said on Wednesday.

Shares in the country's fourth-biggest outsourcer fell more than 70 per cent on Wednesday after its chairman resigned, admitting profits had been inflated over the past several years.

"LIC being a long term player, our investment decisions are not much weighed by short-term developments, we look at the long tern fundamentals of the company we invest in," Thomas Mathew T. managing director and head of investments at the insurer said.

"Our investment committee and our equity research team will meet and take a decision on the stake," he said.

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LIC to take decision on Satyam stake soon: MD

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