Satyam

India's Enron...No truth at Satyam... the headlines are flying thick and fast. I'd predicted its downfall when the scandal initially broke, but I never suspected that a fraud of this magnitude was possible.

Beyond the uncertain future of the company and its employees, it raises quite a few questions

- How will it affect the image of Indian IT? All along, we'd held them up as ethical role models in a generally corrupt and immoral corporate system. How many more Satyam's are waiting to be discovered?

- How will it affect the Indian stockmarket? Will FII's pull out or will India's growth potential override this? There was some kind of recovery happening over the last couple of months, will this spell an end to that?

- Coming to Satyam's employees, I think with almost no cash on their books, they are going to have to do a mass layoff of all the non-billable resources. With the Indian IT job market already looking bleak, what will happen when thousands of people are added to the list of job-seekers?

- Will Satyam's customers jump ship? If they do, will it be to other Indian IT companies or will the MNC's benefit?

On a side note, I'd picked up Satyam shares in December at 115. Yesterday, I exited at 180, making it one of the best investment decisions I ever made. But somehow, I am not feeling that thrilled about it.