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Infosys, TCS, HCL Tech Shares Plunge 4-7%; Nifty IT Dips Over 5% on Anthropic Tool Fears
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Nifty IT Index Crashes 5% Amid AI Disruption Fears; TCS, Infosys Lead Losses
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Moneycontrol
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24-02-2026, 13:01
Nifty IT Index Crashes 5% Amid AI Disruption Fears; TCS, Infosys Lead Losses
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Nifty IT index plunged over 5% for the fifth consecutive session due to fears of AI-led disruption.
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Anthropic's claims about its Claude Code tools reducing software modernization costs fueled investor anxiety.
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Tech Mahindra, HCL Technologies, Infosys, TCS, and Wipro were among the top losers.
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Jefferies downgraded several IT stocks, warning of a structural shift towards consulting and implementation due to AI.
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CLSA, however, believes AI disruption fears are overdone, seeing AI as a productivity tool rather than a replacement.
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