There are some legalities of employment which have to be fulfilled. You must be aware of the contract - " salary in lieu of notice period ", which means either of the parties should pay 1 or 2 months salary(as mentioned in the contract/ offer letter ) incase the notice period is not served.
Leaving a co. with out serving notice period is not a professional act and would not hold good in future. The co. will not give you your relieving letter which would be required for joining a new co., if your immediate new co. doesn't require it,....... it may not be the same with other co.'s u may apply for in future where thorough background check will not hold good for you.
Also the co. may list you as absconded incase you don't contact them after 5 days of your absense to advise the reason for the unauthorized absence or the expected date of return to work. However, the employer would make genuine efforts to contact the employee by registered letter, telegram or telephone( legalities to prove absconding), to try and establish the reasons for the absence. Should those efforts fail and the reason for the absence remains uncommunicated the employer may take a civil action for any kind of recoveries.
Rgds,
Madhu.