New Delhi: Once a darling of the Indian IT sector and the stock market, the scam-hit erstwhile Satyam has formally ceased to exist as an individual entity by formally merging with Tech Mahindra.

Its journey saw a fraud bringing down the company's valuation by over 95 per cent within weeks, while a subsequent revival brought in an over 10-fold surge from the dumps.

Still, it is the remains of this once scam-hit company on which its saviour Tech Mahindra will bank upon significantly to move up the ladders of the Indian IT sector charts, say industry experts.

After debuting on the stock market in 1995, Satyam soon went on to become one of the country's top five IT companies and its share price was trading 250 level in late 2008.

It came to be known by January 2009 that Satyam (a Sanskrit word that means truth) was home to India's biggest ever corporate scam, admitted to by its own founder and then Chairman B Ramalinga Raju, and the scandal broke the company's share price to as low as 11.50.

A quick revival, however, followed with its takeover by Tech Mahindra through a government-monitored auction process and its name was changed to Mahindra Satyam.

Also Read: Top 10 Apps Blacklisted in the Enterprise

Also Read: Meet The Executives Involved In Microsoft's Massive Reboot