Mohit Joshi, CEO and managing director of Tech Mahindra, has dismissed fears around Anthropic’s new AI tool, calling the sharp sell-off in IT stocks a market overreaction. He said artificial intelligence represents a technology shift that will ultimately act as a tailwind for IT services and software companies rather than replace them.
From the World Government Summit in Dubai, Business Today Group Editor Siddharth Zarabi speaks with Mohit Joshi, CEO & MD of Tech Mahindra, on the sharp sell-off in global technology stocks triggered by fresh developments in artificial intelligence. As fears rise over AI platforms like Anthropic disrupting traditional IT services and SaaS models, Mohit Joshi calls the market reaction an overcorrection, arguing that AI remains a powerful tailwind rather than a threat. He explains why legacy systems, complex enterprise estates, cloud migration and data modernisation will continue to drive demand for human expertise and IT services. The conversation also explores global economic sentiment, the Middle East’s growth story, the India–US trade agreement, talent mobility, and how the global delivery model of Indian IT firms is evolving. A must-watch discussion on AI, markets, and the future of the technology services industry.
During a panel titled "Are Governments Building Systems or Buying Products?", Tech Mahindra CEO Mohit Joshi argued that people are "missing the picture" with their ambitions with AI.
Despite positive index returns over the past year, Nifty50 earnings expectations are moving in the opposite direction, with select names contributing to nearly two-third of gains.
Data showed that the top five IT firms by market capitalisation, Tata Consultancy Services Ltd, Infosys Ltd, HCL Technologies Ltd, Wipro Ltd and Tech Mahindra Ltd, lost Rs 1.78 crore in market value by 1.30 pm.
India-US trade deal: The BSE IT index surged 1,993 pts to 38,598 today against the previous close of 36,605.
IT stocks, impacted by subdued quarterly earnings, could be the major beneficiaries of the tariff cut move today.
Union Budget 2026: Shares of TCS and Infosys were the top Sensex gainers today even as the 30-stock index tanked 1,547 pts to 80,722. The 50-stock Nifty tanked 495.20 pts to 24,825.
HCL Technologies (1.55%), Tech Mahindra (1.29%) and Infosys (1.05%) were among the top losers on Sensex today.
In the Sensex index, shares of State Bank of India (SBI), Tata Steel and Tech Mahindra of India hit their fresh 52-week high.
Sensex rose 320 points to 81,857 and Nifty gained 127 points to 25,175. Despite today's rally, Sensex has lost 3.91% and Nifty has fallen 3.71% in 2026.





