TCS, Infosys Tumble as Indian IT Gauge Erases 4% Rebound on AI Fears
Updated
Updated · Bloomberg · Jun 4
TCS, Infosys Tumble as Indian IT Gauge Erases 4% Rebound on AI Fears
3 articles · Updated · Bloomberg · Jun 4
Summary
Indian IT shares slid again on Wednesday, with TCS and Infosys leading losses as investors revived concerns that AI could undercut the country’s software-export model.
A sector gauge wiped out a gain of more than 4% from the prior session, when Nvidia CEO Jensen Huang’s comments had briefly eased worries about disruption.
Infosys and Wipro ADR weakness overnight signaled the selloff may extend into Thursday, adding pressure to a market already losing momentum.
The Nifty logged its fifth drop in six sessions, and India’s benchmark now trails a broader Asian stock gauge by about 33 percentage points this year.
The renewed IT anxiety lands just before possible government steps to attract foreign investment and the Reserve Bank of India’s rate decision on Friday.