Indian IT stocks jumped as much as 5.2% on Tuesday after global software shares
rebounded on Monday following calls from leading AI executives to slow
development, warning the technology could pose existential risks. AI-related
names had plunged earlier on concerns that AI could strip value from parts of
software companies’ businesses. India’s $315 billion IT sector—seen as
particularly exposed because of its hourly-billing model—has been the weakest
sector over the past year; the Indian IT index is down about 21% year-to-date,
more than twice the fall of the Nifty 50.
