Hello Omkar,
yes TCAM full leads to high cpu usage, This may happen also on C6500/C7600
It is not the error by itself, but it is the fact that traffic with destination belonging to IPv4 prefixes not programmed in TCAM is process switched that causes spikes in cpu usage with overall performance degradation.
You have to take the time to change SDM template or to find a way to reduce the total number of routes ( using EIGRP you can perform manual summarization on a per interface basis) on the affected device(s).
Changing SDM template requires reload so you will need a maintenance time window
Hope to help
Giuseppe