After stiff opposition and controversy over Satyam-Maytas deal, Indian IT giant, Satyam Computers called off the acquisition of India-based companies Maytas Infra and Maytas Properties.

Earlier, the board of directors has approved the proposal to acquire 51% in Maytas Infra and 100% in Maytas Properties at USD 1.6 billion. Maytas deals in infrastructure and development projects besides asset development and urban space infrastructure development.

Investors, especially, FIIs opposed the idea of acquisition amid tough economic conditions. They raised objections to spend huge amount in slowdown. The controversy also started as the companies are owned by the families of Satyam chairman, B Ramalinga Raju.

Meanwhile, Satyam ADR (American Depository Receipt) decline to USD 5.7 yesterday reporting fall of 55 per cent.