Technology stocks in India were on track for their steepest single-day decline in more than four months Wednesday, as market participants weighed concerns about artificial intelligence’s potential impact on conventional software service demand.
The technology sector index fell 5.8% to reach 29,310.25 points. Should these declines persist, it would mark the sector’s most significant downturn since February 4.
Tata Consultancy Services, the nation’s top software services company, saw shares tumble 9% and drove the sector’s losses. Meanwhile, Bengaluru-headquartered companies Infosys and Wipro experienced declines of 4.3% and 3.7%, respectively.
