AI panic rocks Dalal Street! Nifty IT crashes 4%, TCS and Wipro hit 52-week lows

The sell-off mirrored losses in US-listed technology stocks, where fears are mounting that AI-driven automation may significantly reduce demand for conventional IT services across sectors.

Shares of Tata Consultancy Services (TCS) and Wipro hit their respective 52-week lows, while companies such as Coforge and Oracle fell 4–5 percent, CNBC-TV18 reported.

So far in 2026, the Nifty IT index has declined 11.5 percent, reflecting sustained pressure on the sector.

IBM Chief Executive Officer Arvind Krishna has recently fuelled concerns over job losses due to rapid technological advancement, acknowledging that some roles will be eliminated by the AI boom while expressing optimism about the creation of new jobs.

In an interview with Bloomberg, Krishna said call centre-type roles are likely to be among the most impacted as AI adoption accelerates.

“I think 50 per cent of call centre jobs, simple document-matching jobs, or people working on internal help desks such as IT and HR will go away,” Krishna said.

“There is going to be some job displacement. I think 5 to 10 per cent job displacement is likely,” he added.

Krishna stressed that companies now have a responsibility to reskill affected employees.

“The onus is on us to make sure we can give them other skills—upskilling or reskilling—so that they can move into productive jobs,” he said.

“That does not count the increase in jobs. There is going to be much more hiring and much higher productivity, but there will be some displacement,” the IBM CEO added.