Dow Jones Newswires First to Report on Tech Mahindra's Top Bid on Rival Satyam Computer Services

- Dow Jones' Release of the Market Moving News Sent Shares of Both Satyam and Tech Mahindra Sharply Higher - 


NEW YORK, April 27  /PRNewswire/ -- On April 13, 2009, Dow Jones Newswires was first with news that Tech Mahindra was the top bidder to buy a stake in rival Satyam Computer Services. The much anticipated sale, which is expected to help revive the troubled Indian outsourcing company, could put an end to the turmoil that started in January after Satyam's founder revealed that he had overstated its profits over several years and created a fictitious cash balance of more than $1 billion.

Dow Jones broke the news soon after the bids were opened, along with details on the price offered and other bids submitted. Rival news organizations Thomson Reuters and Bloomberg failed to immediately match the story - Bloomberg cited a TV report several minutes later, while Reuters did not report the news until Satyam's announcement 44 minutes later.

Soon after the Dow Jones report hit the wire, shares of Tech Mahindra shot up over 19%, while Satyam shares hit a high of INR54.90, before closing 3.6% higher at INR48.85. Tech Mahindra ended up 12.31% at INR359.45.

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