New York: The New York Stock Exchange on Monday said it will delist Satyam shares only if its average share price for 30 trading sessions goes below $1.
With a plunge of over 90 per cent at the NYSE, Satyam on Monday slipped below $1 level in the early morning trade but regained this mark shortly thereafter.
Asked if the NYSE will issue a notice for possible delisting of the company for shares dipping below $1, NYSE spokesperson told PTI in an e-mailed statement, "No, the average closing price of a security must be less than $1 over a consecutive 30 trading-day period. When that average price is reached, the company receives a letter from New York Stock Exchange Regulation informing the company that it has six months to get the price above $1 or face suspension and delisting."
Satyam was trading at $1.19, down 87.38 per cent on the NYSE.
After opening at $1.04 shares of the Indian firm touched a low of $0.78 in the intra-day trade on Monday.
NYSE had halted Satyam's trading on January 7 after the disclosure of fraud by its founder and former chairman B Ramalinga Raju.
However, it resumed trading on Monday after assessing the company's regulatory filing and its suitability to remain listed.
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