IT stocks tumble on OpenAI’s push into AI adoption
Indian IT stocks experienced a significant downturn on Tuesday, with the Nifty IT index plummeting 3.7% to a three-year low. This decline was triggered by OpenAI’s substantial investment in AI adoption, raising concerns about its impact on traditional software services business models.
True North exits Fedbank Fin in a Rs 385.4-cr block deal
The fund sold about 2.57 crore shares, or 6.86% of its total equity. Nomura India Equity Fund was the buyer of these shares. Fedbank shares ended 1.9% lower at ₹149.51 on Tuesday.
India’s global market cap share falls after D-Street’s slide this year
India’s global market capitalization share has fallen below 3% due to a sustained bearish trend and significant foreign portfolio investor (FPI) outflows. Despite this, India retains its fifth position globally with a market cap of $4.9 trillion, though Taiwan and South Korea are rapidly gaining ground.