Well! We finally got our own Enron. What an ugly piece of news for the Indian markets. Already reeling from the excesses of 2008 and the world wide slowdown, this could be the last straw on the camels back.
Actually, there are some positive outcomes too. For one corporate governance will improve and the equity analysis will mature and get more fine tuned.
More on this issue after a while. Just be prepared for some down side in days to come.
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