IT stocks lose ₹2 lakh crore in market value after the launch of Claude Cowork plugins raises concerns.
Indian IT stocks were bleeding on Wednesday, February 4. The trigger was news that Anthropic had launched new AI tools capable of automating tasks in legal, compliance, marketing, and data analysis areas traditionally serviced by software firms and IT service providers. Adding to the pressure was the strength in the Indian Rupee, which typically weighs on export-heavy IT companies by hurting margin expectations. Indian IT stocks (Infosys, TCS, Wipro) are down 6% today following the global SaaSpocalypse. On February 3 and 4, 2026, global markets saw a $285B software sell-off. Traders called this the SaaSpocalypse. On February 2, 2026, Anthropic AI (a rival to OpenAI) launched Claude Cowork, a tool causing the IT sector crash today. Anthropic built Cowork using its own AI, Claude Code, in only 1.5 weeks. This is an Agentic AI tool for businesses, which is a new category of AI that acts without human ...