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India's Nifty IT index (.NIFTYIT) tumbled 3.6% on Tuesday to its ​lowest level since May 2023, ‌as a weak earnings outlook and fears of slowing demand for traditional IT services rattled ​investors.

Analysts at HSBC said in ​a Tuesday note that fourth-quarter earnings ⁠and fiscal 2027 outlooks from ​India's top-tier IT firms largely missed ​expectations, adding that strong global artificial intelligence spending could be "crowding out" spending on traditional ​IT services.

HSBC's warning comes a ​day after OpenAI said it is launching a ‌new ⁠company backed by more than $4 billion to help organisations build and deploy AI.

In February, global IT stocks ​saw a rout after ​Anthropic ⁠launched new tools that heightened concerns about AI-driven disruption in ​the data and professional ​services ⁠industry.

On Tuesday, shares of Indian IT companies including Tata Consultancy Services (TCS.NS) , Infosys(INFY.NS) , ⁠HCL ​Technologies (HCLT.NS) and Wipro (WIPR.NS) ​fell between 2.5% and 4%.