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What is the story about?
With Anthropic raising $30 billion at a $380 billion valuation, the Claude chatbot maker is now more valuable than India’s entire Nifty IT index combined. The country’s top ten listed software firms together command a market capitalisation of under $300 billion.
The latest AI-led selloff has erased nearly $30 billion from India’s large IT companies, taking their combined market valuation to $296 billion as of Friday’s close, according to Bloomberg data. This compares with a record valuation of $475 billion reached in January 2022.
As investors debated the disruptive potential of advanced AI models, software majors including Tata Consultancy Services (TCS), Infosys and HCL Technologies fell 9-11% during the week. TCS’s valuation has dropped to $107 billion from a peak of over $200 billion in January 2022, while Infosys is now valued at $61 billion versus its record $110 billion. HCL Technologies currently stands at about $44 billion.
Meanwhile, Anthropic’s annualised run-rate revenue has reached $14 billion as of February 2026, marking a more than 10-fold growth in each of the past three years, driven by strong enterprise adoption of its Claude models.
Investors have also rewarded companies backing Anthropic. South Korea’s SK Telecom, which invested $100 million in 2023, has seen its shares hit record highs following the latest funding round, adding more than $5 billion to its market value in just a month.
Other major investors in Anthropic include tech giants Amazon, Microsoft and Nvidia, as well as sovereign wealth funds such as Singapore’s GIC and the Qatar Investment Authority, among others.
Founded in 2021 by former OpenAI executives Dario and Daniela Amodei, the San Francisco-based AI research firm has differentiated itself with coding-focused models such as Claude Code. Its recent rollout of plugins for its Cowork agent has intensified concerns about disruption, triggering a sharp selloff in IT stocks globally.
Indian IT companies, battling weak demand and geopolitical headwinds, are now confronting fresh investor pressure as AI-driven uncertainty intensifies.
The latest AI-led selloff has erased nearly $30 billion from India’s large IT companies, taking their combined market valuation to $296 billion as of Friday’s close, according to Bloomberg data. This compares with a record valuation of $475 billion reached in January 2022.
As investors debated the disruptive potential of advanced AI models, software majors including Tata Consultancy Services (TCS), Infosys and HCL Technologies fell 9-11% during the week. TCS’s valuation has dropped to $107 billion from a peak of over $200 billion in January 2022, while Infosys is now valued at $61 billion versus its record $110 billion. HCL Technologies currently stands at about $44 billion.
| Name | Mcap ($trillion) |
| Tata Consultancy Services Ltd</td> |
107.4 |
| Infosys Ltd | 61.2 |
| HCL Technologies Ltd | 43.6 |
| Wipro Ltd | 24.8 |
| Tech Mahindra Ltd | 16.6 |
| LTIMindtree Ltd | 16.7 |
| Persistent Systems Ltd | 9.5 |
| Oracle Financial Services Soft | 6.4 |
| Coforge Ltd | 5 |
| Mphasis Ltd | 5.2 |
| Total | 296.4 |
Meanwhile, Anthropic’s annualised run-rate revenue has reached $14 billion as of February 2026, marking a more than 10-fold growth in each of the past three years, driven by strong enterprise adoption of its Claude models.
Investors have also rewarded companies backing Anthropic. South Korea’s SK Telecom, which invested $100 million in 2023, has seen its shares hit record highs following the latest funding round, adding more than $5 billion to its market value in just a month.
Other major investors in Anthropic include tech giants Amazon, Microsoft and Nvidia, as well as sovereign wealth funds such as Singapore’s GIC and the Qatar Investment Authority, among others.
Founded in 2021 by former OpenAI executives Dario and Daniela Amodei, the San Francisco-based AI research firm has differentiated itself with coding-focused models such as Claude Code. Its recent rollout of plugins for its Cowork agent has intensified concerns about disruption, triggering a sharp selloff in IT stocks globally.
Indian IT companies, battling weak demand and geopolitical headwinds, are now confronting fresh investor pressure as AI-driven uncertainty intensifies.
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