CMC, a systems engineering and integration company in India witnessed a sharp fall in share price on Friday after the board of directors of CMC and Tata Consultancy Services (TCS) have approved the amalgamation of CMC with TCS pursuant to and subject to the provisions of sections 391 to 394 of the companies act, 1956.

As per the terms of the scheme of amalgamation (scheme), shareholder of CMC will receive 79 equity shares of Rs 1 each of TCS for 100 equity shares of Rs 10 each of CMC. The swap ratio has been arrived at based on the valuation report prepared by BSR & Associates LLP.

Shares of the company are trading at Rs 1,888.80, down Rs 298.85, or 13.66% at the Bombay Stock Exchange (BSE) on Friday at 11:08 a.m.

The scrip has touched an intra-day high of Rs 2,050 and low of Rs 1,832.05. The total volume of shares traded at the BSE is 65,255.