Spooked by Anthropic's new Cowork tool, IT shares tank; Nifty IT Index down 6.16%
/ 2 min read
Wipro fell 3.96% to ₹233.09, and Oracle Financial Services Software (OFSS) registered a comparatively smaller decline of 3.86% to ₹7,524.50. | Credits: D-Keine
Spooked by Anthropic's new Cowork tool, IT shares tank; Nifty IT Index down 6.16%
Indian IT stocks plummeted as Anthropic's new Cowork tool announcement led to a 6.16% drop in the NIFTY IT index. Major companies like Infosys, Coforge, and LTIMindtree saw significant declines. The tool, designed to enhance Claude's capabilities, sparked concerns over increased competition, affecting both Indian and global tech markets.
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Major companies like Infosys, Coforge, and LTIMindtree saw significant declines.
Wipro fell 3.96% to ₹233.09, and Oracle Financial Services Software (OFSS) registered a comparatively smaller decline of 3.86% to ₹7,524.50. | Credits: D-Keine
IT stocks witnessed selling pressure after reacting to the fall in Nasdaq as Anthropic, Claude's parent company announced new plug-ins in Cowork. The reaction dragged the NIFTY IT index down 6.16% to 36,233.30.
Among individual stocks, Infosys declined the most, falling 7.16% to ₹1,537.50. Coforge dropped 6.92% to ₹1,593.60, while LTIMindtree slipped 6.87% to ₹5,629.00. Persistent Systems fell 6.63% to ₹5,862.50 and Mphasis declined 6.59% to ₹2,633.50. Tech Mahindra also saw sharp losses, falling 6.15% to ₹1,611.00. TCS dropped 5.67% to ₹3,042.40, while HCL Technologies declined 5.00% to ₹1,610.50. Wipro fell 3.96% to ₹233.09, and Oracle Financial Services Software (OFSS) registered a comparatively smaller decline of 3.86% to ₹7,524.50.
What is Anthropic's new plug-ins in Cowork about?
Anthropic’s new plugin tools is designed to expand what its Claude Cowork system can do by allowing it to connect with different workplace tools and perform specific business tasks automatically. Instead of only answering questions or generating text, the plugin system lets companies customise Claude to handle structured work such as analysing data, reviewing documents, supporting sales teams, or managing marketing tasks.
Here's what the 11 new plug ins can do:
Productivity — Manage tasks, calendars, daily workflows, and personal context
Enterprise search — Find information across your company's tools and docs
Plugin Create/Customize — Create and customize new plugins from scratch
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Sales — Research prospects, prep deals, and follow your sales process
Finance — Analyse financials, build models, and track key metrics
Data — Query, visualize, and interpret datasets
Legal — Review documents, flag risks, and track compliance
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Marketing — Draft content, plan campaigns, and manage launches
Customer support — Triage issues, draft responses, and surface solutions
Product management — Write specs, prioritize roadmaps, and track progress
Biology research — Search literature, analyse results, and plan experiments
How Wall Street reacted
Wall Street closed sharply lower in the previous session as investors worried that new AI tools could increase competition for software companies, following Anthropic’s launch of the legal tool linked to its Claude chatbot.
Major technology stocks came under pressure. Nvidia and Microsoft shares fell nearly 3% each. Alphabet slipped 1.2% before announcing its results on Wednesday. Amazon declined 1.8% ahead of its earnings on Thursday. Salesforce and Adobe saw steeper losses, with both stocks dropping around 7%.
Among the indices, the technology-focused Nasdaq fell 1.43% to close at 23,255.19 points. The Dow Jones Industrial Average also ended lower, slipping 0.34% to 49,240.99 points.
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