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₹2 lakh crore wiped out as AI tools trigger IT stock selloff
IT stocks plunged as fears over new AI tools triggered India’s sharpest tech selloff since the Covid period.
Indian IT stocks saw a sharp selloff, wiping out nearly ₹2 lakh crore in market value after concerns around Anthropic’s new AI plugin tools. Investors feared faster AI adoption could disrupt traditional outsourcing models and pricing power. The selloff marked the worst tech-led correction since Covid, with large and midcap IT stocks under pressure amid uncertainty over long term revenue visibility and global demand trends