Satyam Computer lost nearly 30% during early trading session. In domestic market, the stock touched a 52-week low of Rs 151 on NSE and a 52-week low of Rs 156.85 on BSE. Till 11.50 pm IST, 4.8 crore shares on NSE and 1.8 crore shares on BSE exchanged hands. The stock closed yesterday at Rs 226.55 on NSE. Average trading volume on NSE is 48 lakh during the past two weeks.

Investors reacted to the plans of management to use $1.2 billion cash from Satyam’s books to acquire stake in Maytas. Satyam Management called off the deal after pressure from Investors and Shareholders. Investors feel that the company can’t use the funds to acquire Maytas Infra, which operates in a totally different sector than Satyam’s current business. The deal didn’t need shareholders’ approval.

Citi issued Sell rating for the stock after the deal was announced. Citi said that the financial condition of the company is strong, but the SELL rating has been suggested due to corporate governence issues.

Satyam witnessed heavy selling in US market after the deal was announced and various technical experts downgraded the stock. The stock however recovered the loss during after hours trading.

Maytas Infrastructure was also down by nearly 11% during first few minutes of trade.