IT stocks slump; Infosys dives over 7%
The Hindu
IT stocks plummeted, with Infosys down 7.19%, amid concerns over AI's impact on traditional software profitability.
IT stocks tumbled on Wednesday (February 4, 2026), with Infosys slumping over 7%, in line with a heavy selloff in tech companies in the U.S..
Shares of Infosys plunged 7.19%, Tata Consultancy Services tanked 6.95%, LTIMindtree dropped 5.51%, and Hexaware Technologies tumbled 4.98% on the BSE.
The stock of Persistent Systems edged lower by 4.69%, HCL Technologies declined 4.22%, Tech Mahindra lost 4.12%, and Wipro fell by 3.73%.
The combined market valuation of these firms eroded ₹1.66 lakh crore. The BSE IT index tumbled 5.49% to 35,109.51. "IT stocks faced sharp selling pressure, tracking weakness in global technology shares.
"Sentiment in the sector deteriorated after AI startup Anthropic unveiled an end-to-end workflow automation productivity tool, rekindling concerns that rapid advances in AI could disrupt traditional software business models and weigh on industry-wide profitability," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
In the U.S. market, the Nasdaq Composite index tumbled 1.43% on Tuesday (February 3).
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