Satyam Computers, India’s 4th largest software company, stock plunged by more than 75% on Tuesday and failed to open today after B. Ramalinga Raju, the company founder and chairman, confessed to overstating income and understating liabilities. He said the company as of Sept 30 2008 had inflated earnings and cash by about US $1.04 billion. Raju added in a filing “I am now prepared to subject myself to the laws of the land and face consequences thereof…” The two family founders resigned from the company who both held 8.6% of the company stock. In 1999, Ramalinga Raju won the Ernst & Young Entrepreneur of the Year Services award.