The Economic Times

Explained: How IBMs 13% plunge on Anthropics COBOL disruption fears sparked bloodbath in TCS, Infosys, Wipro & other IT stocks

IT stocks slumped on February 24, falling up to 8%, after IBM plunged 13% on Wall Streetits worst drop in 25 yearsamid concerns that Anthropics Claude AI tool could streamline COBOL code and disrupt IBMs legacy business. The weakness spilled over to Indian IT names.