Anthropic’s new AI plugins for its workplace assistant triggered panic across global software stocks and Indian IT shares. Investors fear automation could reduce outsourcing demand and pricing power. The selloff wiped nearly Rs 2 lakh crore from Indian IT valuations and raised structural questions about future IT services models and workforce demand.
Mumbai: Anthropic launched new plugins for its Claude Cowork platform, turning AI into a 'digital coworker' capable of performing real workplace tasks. These tools can automate functions across legal, finance, sales, marketing and data analytics, moving beyond chat-based assistance to workflow execution.
Some plugins can review contracts, manage compliance, generate financial models and automate client workflows-tasks traditionally handled by professionals or outsourced IT services.
Why Did Markets React So Sharply?
The shift from AI as a productivity tool to AI as a direct work replacement triggered investor panic. Markets fear that advanced automation could reduce demand for large human-led outsourcing teams-the core business model of many global and Indian IT firms.
Globally, software stocks lost hundreds of billions in value, while Indian IT stocks mirrored the fall due to their heavy exposure to outsourcing-driven revenue.
Why Indian IT Was Hit So Hard?
India’s IT sector is built on cost arbitrage and large workforces handling global client operations. If AI tools start doing coding, compliance, analytics and documentation tasks automatically, billing hours and margins could come under pressure.
This is why even strong companies like TCS, Infosys and others saw sharp valuation erosion during the selloff.
Scale Of The Selloff
Indian IT stocks saw their worst fall since the Covid crash. The Nifty IT index dropped sharply and nearly Rs 2 lakh crore in market value was wiped out in a single session.
Globally too, software stocks saw massive declines as investors priced in future AI disruption risks.
Is This Panic Or Structural Shift?
Some industry leaders call the reaction an overreaction, saying AI will augment, not fully replace, IT services. However, markets are pricing in long-term disruption risk, not just short-term earnings impact.
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