Tech Mahindra shares fell as much as 3 per cent in the morning trade today following delay in the proposed merger of Mahindra Satyam with itself by six months.

The scrip fell 2.85 per cent at Rs 1,015.90 on the BSE. On the NSE, the stock went down by 2.92 per cent to Rs 1,015.25.

At 1.15 p.m., the scrip was trading down 1.24 per cent at Rs 1,032.85 on the BSE and was trading down 1.28 per cent at Rs 1.032.45 on the NSE.

Similarly, shares of Mahindra Satyam (Satyam Computer Services) also fell 2.81 per cent to Rs 121.90.

Tech Mahindra had yesterday said that it has extended the proposed merger of Mahindra Satyam with itself by six months.

“Board of directors extended the validity of the (amalgamation) scheme by a further period of six months i.e. up to September 30, 2013,” the company had said in a BSE filing.

The board has extended “scheme of amalgamation and arrangement of Venturbay Consultants Pvt Ltd and Satyam Computer Services Ltd and C&S Systems Technologies Pvt Ltd and Mahindra Logisoft Business Solutions Ltd and CanvasM Technologies Ltd with Tech Mahindra Ltd and their respective shareholders and creditors”, it had said.

Tech Mahindra took over the reins of the scam-tainted Satyam Computer in April 2009 and rebranded it as Mahindra Satyam.

(This article was published on March 26, 2013)
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