CG Power, Hitachi Energy India decline after global tech selloff
Business
Indian tech stocks tied to AI, like CG Power and Hitachi Energy India, dropped sharply on Friday.
CG Power slid more than 8%, while Hitachi Energy India lost more than 4%.
This dip followed a worldwide tech selloff sparked by concerns over tighter regulations of the AI sector.
Nasdaq falls 5.52% $1 trillion lost
The slump in Indian stocks matched a big fall in global tech markets, with the Nasdaq dropping 5.52%, its biggest single-day decline in 19 months.
Nearly $1 trillion vanished from major tech companies' value as investors grew anxious about stricter regulations after the US midterm elections.
Other Indian names like MTAR Technologies also saw red, reflecting growing concerns about how tougher rules might impact future growth in AI.