Hidden Victims in the Artificial Intelligence Sell-Off: Indian IT Stocks Lose $50 Billion in Market Value This Week

The concern about artificial intelligence impacting traditional businesses is spreading in the US stock market. After consecutive declines in the software industry, financial services, real estate, and logistics industries, the market is now focusing on the next sector facing sell-offs. However, apart from the "victims" in the US stock market, India's IT industry has also become a field affected by the impact of artificial intelligence. On Friday, Tata Consultancy Services, the leader of India's IT industry, saw its stock price fall by 2.4%, Infosys fell by 2.2%, and HCL Technologies fell by 1.2%. The Indian Nifty IT industry index fell 5.2% at one point on Friday, closing down 1.7%. This week, the index has already accumulated a decline of 9.4%, marking the largest drop since the beginning of the COVID-19 pandemic in March 2020, with a market value evaporating by about $50 billion.