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India IT stocks fall to 3-year lows as OpenAI venture revives AI disruption fears
- Wipro (WIPRO.NS) dropped 2.7% on May 12 to INR 190.73 — just 1.7% above its 52-week low of INR 187.54 — as the Nifty IT index fell 3.6% to its lowest level since May 2023.
- The decline follows a period of weak Q4 earnings and missed guidance from top-tier Indian IT firms in April, with the OpenAI announcement of a new AI venture on May 11 intensifying investor concerns about AI-driven disruption to traditional IT outsourcing.
- Zensar Technologies (ZENSARTECH.NS) fell 2.9% despite receiving 11 FY EPS upgrades vs just 1 cut in the same week, illustrating how sector-wide selling overrode individual stock fundamentals.
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Conclusion
daily_prices: WIPRO.NS close INR 190.73 on 2026-05-11 18:30 UTC (-2.74%); 52-week low INR 187.54, high INR 272.67. ZENSARTECH.NS close INR 508.65 (-2.86%). news: Reuters 2026-05-12 05:41 UTC reports Nifty IT -3.6% to 3-year low. Q4 earnings: Top-tier Indian IT firms reported in April 2026 with mixed results; HSBC noted fourth-quarter earnings and FY27 outlooks largely missed expectations. eps_revisions (2026-05-12): ZENSARTECH.NS 11 up vs 1 down in 7 days. Volume WIPRO.NS: 18.36M shares.