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May 12 (Reuters) - India's Nifty IT index tumbled 3.6% on Tuesday to its lowest level since May 2023, as a weak earnings outlook and fears of slowing demand for traditional IT services rattled
India's IT shares fell to a three-year low on Tuesday as investor jitters around the threat posed by artificial intelligence to flagship IT firms flared up again, after OpenAI announced a new AI venture. The Nifty IT index fell 3.6% to its lowest since May 2023, with Tata Consultancy Services, Infosys, HCL Technologies and Wipro falling between 2.5% and 4%. Analysts at HSBC said in a Tuesday note that India's top-tier IT firms largely failed to meet street expectations for earnings in March quarter as well as in their outlooks for the new financial year, adding that strong spending globally on AI could be "crowding out" demand for traditional IT services.
BENGALURU, May 6 (Reuters) - India's Coforge stock added more than $500 million in market capitalisation on Wednesday, closing 9.5% higher at 1,280 rupees, after the mid-tier IT firm forecast robust