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On September 15, Indian IT stocks surged by as much as 5.2% on Tuesday, tracking gains in global software stocks. This followed warnings from leaders of top global AI companies about potential existential risks posed by AI technology. As a result, global software stocks rose on Monday, while AI-related stocks plummeted. Concerns that AI could devalue parts of software companies' businesses had previously weighed on global software stocks. India's $315 billion IT sector is seen as particularly vulnerable due to its heavy reliance on hourly billing models, making IT stocks one of the worst-performing sectors over the past year. The Indian IT index has fallen about 21% so far this year, more than double the decline in the benchmark Nifty 50 index.
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