Foreign Investors Resume Selling Indian IT Stocks on AI Scare
Attendees at the Anthropic Builder Summit in Bengaluru, India, on Feb. 16.
Photographer: Samyukta Lakshmi/BloombergThe growing threat posed by artificial intelligence to the software industry has led foreign investors to cut exposure to Indian information technology stocks.
Global funds sold about 110 billion rupees ($1.2 billion) worth of Indian IT shares in the first half of February, according to data compiled by National Securities Depository Ltd. Foreigners had turned buyers of IT stocks in December after a five-month selloff, but have resumed their withdrawal from the sector this year.