New Delhi/Mumbai, Feb. 12 -- India's top six IT services firms shed a staggering Rs.4.14 trillion in market cap since 1 January, as fears of artificial intelligence wiping out top tech projects battered India's IT outsourcers. Compounding the fear was a high number of new jobs in the US, reported late on Wednesday, which slashed hopes of an early interest rate cut in the US, keeping the cost of doing business high in India's IT sector's biggest market.

Tata Consultancy Services (TCS), India's largest listed technology services firm, lost Rs.1.73 trillion in market cap since 1 January, of which it lost Rs.69,000 crore in just the four days of this week, Bloomberg data showed. The story was similar for Infosys too, which lost Rs.64,000 cro...