Indian shares fell by more than five per cent on Monday, despite a broader Asia Pacific rally to two-month highs. Satyam Computer Services shares plunged by around 80 per cent in Mumbai after its chairman confessed to fixing the IT outsourcing company’s books for the past “several” years.

The benchmark Sensex was 7.3 per cent lower by mid afternoon in Mumbai at 9,581.93 as details emerged of India’s first major fraud case since the global financial crisis started.