Infosys and Wipro ADRs crash 3%-5%, Expert predicts trillion dollar wipeout
New York-listed shares of major Indian IT companies Infosys Ltd. and Wipro Ltd. fell sharply after fears grew that new AI tools could disrupt businesses. Both Infosys and Wipro ADRs were down 3% and 5% respectively. The tech-heavy Nasdaq Composite was also lower, down 0.10% at around 9:30 am ET. The sell-off was triggered after US-based AI firm Anthropic released a new automation product, which investors believe could reduce demand for traditional IT and data services.
On February 3, Infosys ADR (INFY) closed at $17.32 and Wipro ADR (WIT) ended the day at $2.64, trading in a narrower range of $2.51 to $2.68 and posting a modest gain over its previous close.
