Anthropic AI shock sends IT stocks to worst day since March 2020
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Indian information technology (IT) companies’ shares were battered on Dalal Street on Wednesday, with the Nifty IT index plunging as much as 8% and Rs 2 lakh crore in market value being wiped out in the sector’s worst selloff since the March 2020 Covid-19 crash. The rout was triggered by an overnight meltdown in US software stocks after American AI startup Anthropic unveiled 11 new plugins designed to automate a wide range of professional tasks, reigniting fears that artificial intelligence could undermine both the profitability and competitive moats of traditional IT firms. Over the past 15 years, the worst single-day crash in the Nifty IT index was recorded on April 12, 2013, when it plunged a staggering 12%, according to ACE Equity data. The closest comparable selloff came in 2022, when the index fell 6% in a single session, making today’s plunge the steepest in six years. In today’s session, Persistent Systems shares crashed over 6%, ...