IT Stocks Plunge: Top Firms Lose Rs 3 Lakh Crore Amid AI Fears, Rate Hike Worries

• Indian IT stocks, including TCS and Infosys, wiped out nearly Rs 3.12 lakh crore in market value this week.
• The Nifty IT index plummeted 12% in three days, marking its steepest monthly fall since March 2020.
• Fears intensified after Anthropic unveiled an AI tool automating tasks, impacting key revenue areas for IT firms.
• TCS lost Rs 1.28 lakh crore, while Infosys saw a Rs 91,431 crore market cap reduction.
• Strong US jobs data dampened rate cut hopes, further pressuring tech valuations and raising AI bubble concerns.