Rs 84,000 crore gone! TCS, Infosys, HCL Tech, 2 others hit hard; here's why
TCS was down 3.21 per cent at Rs 2,590.05 on BSE. Infosys fell 3.46 per cent to Rs 1,282.50. HCL Tech declined 3.94 per cent to Rs 1,370.15. Wipro was down 2.14 per cent to Rs 201.55. TechM dropped 2.95 per cent.
- Feb 24, 2026,
- Updated Feb 24, 2026 10:17 AM IST
Fresh selling in five large-cap IT names, namely Tata Consultancy Services Ltd (TCS), Infosys Ltd, Wipro Ltd, HCL Technologies Ltd and Tech Mahindra Ltd, eroded over Rs 84,000 crore in their combined market capitalisation, as a broader Wall Street selloff and fresh concerns over AI-led disruptions spooked domestic investors. At 10 am, TCS was down 3.21 per cent at Rs 2,590.05 on BSE. It commanded a market cap of Rs 9,38,351 crore. Infosys fell 3.46 per cent to Rs 1,282.50. HCL Tech declined 3.94 per cent to Rs 1,370.15. Wipro was down 2.14 per cent to Rs 201.55. Tech Mahindra Ltd dropped 2.95 per cent to Rs 1,399.20. The combined m-cap of these five stocks fell to Rs 21,78,962 crore intraday compared with Rs 22,63,411 crore on Monday, down Rs 84,448 crore "The trend of weakness in tech stocks stemming from the potential AI impact continues. The weakness in the ADRs of Indian IT companies indicates that this segment will continue to remain under pressure," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments, ahead of the opening bell.
The selloff in IT stocks was seen after an overnight drop in Infosys and Wipro American depositary receipts (ADRs). Select US IT stocks were hit hard on Monday after Anthropic’s Claude said in a blog that tools such as Claude Code can automate the exploration and analysis phases that consume most of the effort in COBOL modernisation. COBOL handles an estimated 95 per cent of ATM transactions in the US.
Besides, on February 20, Anthropic announced a new tool that scans codebases for security vulnerabilities and suggests targeted software patches for human review. The development has weighed on stocks across the cybersecurity industry. IBM shares plunged 13.15 per cent to $223.35.
US markets settled lower overnight. Dow Jones Industrial Average tanked 1.66 per cent to 48,804.06, the S&P 500 declined 1.04 per cent to 6,837.75, and the Nasdaq Composite dropped 1.13 per cent to 22,627.27.
Besides, on February 20, Anthropic announced a new tool that scans codebases for security vulnerabilities and suggests targeted software patches for human review has been hitting stocks across the cybersecurity industry. IBM shares plunged 13.15 per cent to $223.35.
Fresh selling in five large-cap IT names, namely Tata Consultancy Services Ltd (TCS), Infosys Ltd, Wipro Ltd, HCL Technologies Ltd and Tech Mahindra Ltd, eroded over Rs 84,000 crore in their combined market capitalisation, as a broader Wall Street selloff and fresh concerns over AI-led disruptions spooked domestic investors. At 10 am, TCS was down 3.21 per cent at Rs 2,590.05 on BSE. It commanded a market cap of Rs 9,38,351 crore. Infosys fell 3.46 per cent to Rs 1,282.50. HCL Tech declined 3.94 per cent to Rs 1,370.15. Wipro was down 2.14 per cent to Rs 201.55. Tech Mahindra Ltd dropped 2.95 per cent to Rs 1,399.20. The combined m-cap of these five stocks fell to Rs 21,78,962 crore intraday compared with Rs 22,63,411 crore on Monday, down Rs 84,448 crore "The trend of weakness in tech stocks stemming from the potential AI impact continues. The weakness in the ADRs of Indian IT companies indicates that this segment will continue to remain under pressure," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments, ahead of the opening bell.
The selloff in IT stocks was seen after an overnight drop in Infosys and Wipro American depositary receipts (ADRs). Select US IT stocks were hit hard on Monday after Anthropic’s Claude said in a blog that tools such as Claude Code can automate the exploration and analysis phases that consume most of the effort in COBOL modernisation. COBOL handles an estimated 95 per cent of ATM transactions in the US.
Besides, on February 20, Anthropic announced a new tool that scans codebases for security vulnerabilities and suggests targeted software patches for human review. The development has weighed on stocks across the cybersecurity industry. IBM shares plunged 13.15 per cent to $223.35.
US markets settled lower overnight. Dow Jones Industrial Average tanked 1.66 per cent to 48,804.06, the S&P 500 declined 1.04 per cent to 6,837.75, and the Nasdaq Composite dropped 1.13 per cent to 22,627.27.
Besides, on February 20, Anthropic announced a new tool that scans codebases for security vulnerabilities and suggests targeted software patches for human review has been hitting stocks across the cybersecurity industry. IBM shares plunged 13.15 per cent to $223.35.