The Hindu Business Line : Aberdeen, SFC offload shares

Aberdeen Group, which holds more than five per cent, sold more than 1.4 crore shares at Rs 43.41, while Swiss Finance sold more than 77 lakh shares for Rs 74.61, according to the bulk deal data on BSE.

Even domestic institutions seemed to be on a selling spree. Fund managers said many funds exposed to Satyam were liquidating their positions.

UTI Mutual Fund had close to Rs 175.41 crore invested in the company as on November 30, according to Value Research. “After the Maytas issue, we have been selling Satyam stock and continue to do so. In fact, today also we have been selling huge amounts,” said Mr U.K. Sinha, Chairman and Managing Director of UTI mutual Fund.

“We are feeling absolutely cheated and shell-shocked by the news.”

The issue raises a big question on how internal checks and balances work in a company. “As a mutual fund house, we invest on behalf of a large number of retail investors and we are accountable to them,” he added. But a fund house cannot put guards on every company it invests in. “Though now we will have to go beyond the stated accounts and indulge in more specific checks,” he said.

According to Value Research data, Franklin Templeton Mutual Fund has investments of close to Rs 87.54 crore in Satyam as on December 31. HDFC (Rs 87.54 crore), ICICI Prudential (Rs 80.59 crore) and Sundaram BNP Paribas mutual funds (Rs 99.29 crore) have also invested in the IT company, it said.

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