Mumbai (PTI): Stocks: The New Year rally failed to last long and the key indices plunged by about 6.0 per cent as the disclosure of the country's biggest accounting scandal at Satyam Computer sent shivers down the spine of investors and crushed the impact of a second stimulus package.

On actual basis, the Bombay Stock Exchange 30-share barometer tumbled by 1,063.25 points, or 11 per cent, from its intra-trade high of 10,469.72 to end the week at 9,406.47.

It, however, registered a loss of 551.75 points, or 5.54 per cent, from its last weekend's close.

The broader 50-share Nifty of National Stock Exchange also tumbled by 173.75 points, or 5.70 points, to end the week at 2,873.00 from its previous weekend's close of 3,046.75.

In a dramatic turn of event, the markets went into a tailspin and crashed by 749 points on Wednesday after India's fourth largest software exporter admitted to its accounting manipulations, raising concerns over corporate governance issues.

The gravity of the stunning development could be gauged by the fall in share price of Satyam, which hit an all-time low on the BSE as well as the NSE.

This also led to Satyam's humble exit from the Sensex family as well as from the BSE IT and Teck indices, BSE-100, BSE-200 and BSE-500. Satyam would be replaced by Sun Pharma in the Sensex and by Reliance Capital in Nifty from January 12.

The mood, however, was upbeat in initial two days as the concerted efforts by the government and the Reserve Bank of India to boost growth pushed up the markets well above psychologically important 10,000-level.

The markets also bounced from its trading low of 9,250.82 on Friday after the inflation fell below 6.0 per cent for the first time in ten months.