AI Anxiety Hits IT Giants: TCS, Infosys, Wipro Crash as Nifty IT Dips 4%

• Indian IT stocks experienced a sharp sell-off, with the Nifty IT index falling 4.50% to 33,514.20.
• Major IT companies like TCS, Infosys, and Wipro saw declines of over 4% each.
• The sell-off was triggered by investor anxiety over AI's disruptive potential on traditional IT services and losses in US tech stocks.
• Analysts express concerns about AI's impact on existing software models, increased competition, and potential pricing pressures.
• Some industry leaders, like Anish Shah of Mahindra and Mahindra, believe AI's impact is 'overblown,' citing the industry's history of adapting to disruptions.