TCS, Infosys, HCL Technologies and Wipro shares hit 2008-09 lows
Business
Big names like TCS, Infosys, HCL Technologies, and Wipro are seeing their stock values fall to levels not seen since the 2008-09 crisis.
This year alone, shares have dropped about 30%, mainly because AI is shaking up how traditional IT services work and making clients rethink their tech needs.
AI automates coding and testing
AI is automating coding and testing, which means less work tied to headcount, the old bread-and-butter for these companies.
OpenAI is also moving into enterprise solutions, adding extra competition in areas where Indian firms used to lead.
Even though a weaker rupee helps export earnings a bit, experts think recovery will be tough as AI keeps disrupting the industry.