The year has started on a disastrous note for the Indian IT sector. Huge Financial irregularities have been unearthed in Satyam Computers, India’s fourth largest Software company. This comes at a time when Industry is already grappling with the recession in the global market.
Not long ago,Indian IT services space epitomized the new age India. Today, that image has taken a severe beating with the disclosure of a fraud amounting close to 7000 Crore in Satyam Computers.It’s baffling to see things turn on it’s head for Indian IT services Market.
The event would have serious repercussion on India IT Industy and would severely dent India’s credibility as an outsourcing destination.Ramalinga Raju may get away with all of this but he has put in jeopardy the careers of Satyam employees and shattered the conviction of many who held Indian IT sector in high esteem.