Satyam climbs as Delhi moves to boost board

Shares in Satyam Computer Services rose by some 60% today, after the Indian government stepped in to restore confidence in the scandal-ridden company.

Delhi has appointed a three-member board at the outsourcing firm in the wake of a billion dollar accounting fraud by chairman and founder Ramalinga Raju.

This led to a sell-off of the company last week that saw its market value plunge to $330 million (£217.5 million) on Friday compared with more than $7 billion just six months ago.

One of the government's appointments, Deepak Parekh, a senior banker, says the priority is to restore confidence and then restate accounts that the former chairman admits have been falsified for years.

Shares in rival IT firm Wipro slumped more than 12% today after the World Bank barred the company from contracts for four years for "improper benefits to bank staff".