IT stocks crash, Feb. 13 -- Indian technology stocks took a beating for the third day in a row on Friday, losing up to 7.5%, tracking an overnight selloff in US tech stocks and spooked by persistent fears of AI-led disruption. Adding to the pressure was the fading hopes of a near-term Federal Reserve rate cut.

The Nifty IT index crashed over 5% to the day's low of 31,422.60, hitting its lowest level since October 2023 and shedding 12% in just three days (considering today's low).

Amid fears that AI-driven automation could disrupt Indian IT's labour-intensive business model, all index constituents traded in the red. Infosys share price emerged as the top loser as it lost 7.5%. Another IT bellwether, Tata Consultancy Services (TCS) stock ...