CMC Shares Crash Over 15% After Merger Announcement With TCS

Shares of TCS subsidiary CMC slumped today after its merger announcement with its parent. CMC shares fell over 15 per cent today to a day low of Rs 1,832.05 today. TCS shares fell over 8 per cent today after its Q2 numbers lagged analyst estimates. The boards of CMC and TCS have agreed to a merger, with CMC shareholders getting 79 equity shares of TCS for every 100 equity shares held. The merger was announced after market-hours ...