Indian Markets see deep cuts over DeepSeek

Foreign institutional investors (FIIs) continued to exit stocks on Monday with net sales of over Rs 5,000 crore, pushing the Nifty to close below 23,000 points for the first time in over seven months.

The rout was accentuated by China’s upgraded low-cost, low-power AI startup DeepSeek sparking worries about the profits of rivals, leading to a plunge in technology stocks worldwide. A closely watched gauge of chipmakers plunged almost 7%. Nvidia, the poster child of the AI boom, sank nearly 13%, erasing a record $465 billion from its market capitalisation.