It seems that tax notice of Rs 21.14 billion for assessment years 2002-03 and 2007-08 received by Mahindra Satyam has shun its investors from the market today, as it was reported that the stock was down by 3.09% at Rs 65.80, earlier today.

"The company had challenged the re-opening of the assessment for assessment year 2002-03 and sought directions that fresh assessments should be carried out after removing the fictitious sales and fictitious interest”, said Elara Capital.

It’s being claimed that the former Mr. Raju-led management of the company paid tax on income that was fictitious in nature, thus it’s required to reassess the tax filings which indicates that excess tax was pulled out from it.

It’s no news that Satyam had been in controversy since the former chairman B. Ramalinga Raju confessed to overstating the company's profits and cash balances, but the company saw a ray of hope when a government led auction pulled Tech Mahindra Ltd to rescue the company from lurches in April 2009.

While the Mahindra group company has appealed in the local courts seeking a fresh assessment of the tax liabilities, it would be clear in the due time if Mahindra Satyam could ever take a breather or not.