Anthropic AI tools wipe $100 bln off Indian IT since launch as outsourcing fears deepen

Tech Mahindra

08/07/2026 10:25

** Indian IT stocks .NIFTYIT shed 27.4% since Jan. 30 with the 10 constituents shedding more than $100 bln in overall market cap 
** Sub-index had gained 1.4% till Jan. 29 after a steep fall in 2025
** Sell-off, part of a global tech rout, after US-based Anthropic launched an AI tool that automates tasks across legal, sales, marketing and data analysis functions
** AI-driven pricing pressure, weak client spending, and global geopolitical turmoil are expected to continue weighing on growth for Indian IT 
** Sector bellwethers TCS TCS.NS, Infosys INFY.NS, HCLTech HCLT.NS, Wipro WIPR.NS and Tech Mahindra TEML.NS have underperformed broader markets as investors factor in slower hiring, weaker pricing power and shorter project cycles
** On the day, IT index sheds 1.4% vs Nifty 50's .NSEI 2.1% drop
** IT worst sectoral performer YTD, falling 27.3%, vs Nifty's 8.6% drop


 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))