Tech industry relieved as 'Year of Satyam' blows over

Bangalore: It's a year Indian IT sector would like to forget for more than one reason. Even as the industry was braving a global meltdown, its reputation was hit early 2009 when Satyam Computers founder B. Ramalinga Raju confessed to a $1.4-billion fraud.

As the year progressed, the top 20 firms managed to survive the slowdown since the middle of 2008 by tightening their belts and exploring new geographies, but small and medium vendors took the brunt, leading to mass layoffs and dwindling compensations.

Also see: Yearender '09

Text: IANS

Image courtesy: Getty