Amid a broader market downturn, domestic stocks, including Anant Raj, Netweb Technologies, and Zen Technologies, tumbled sharply on Tuesday, with losses of up to 20%. Few stocks have declined 40-50% from their 52-week highs.
The decline follows the emergence of Chinese AI startup DeepSeek, which claims to provide cost-effective alternatives to ChatGPT. This development negatively impacted Nvidia’s shares, causing significant ripples across AI-related sectors globally.
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Nvidia, a key player in AI hardware, saw its market capitalization plummet by $589 billion in a single day. Netweb Technologies, a manufacturing partner of Nvidia, faced immediate repercussions due to its reliance on the chipmaker.
The selloff comes as futuristic, AI-driven businesses face rising selling pressure amid uncertainties in the market. The recent developments have sparked fears, especially for companies with longer-term cash flow prospects tied to AI innovations.
On the domestic front:
Anant Raj Ltd opened at ₹659.00, down from its previous close of ₹668.05. The stock hit a high of ₹659.00 and a low of ₹534.45. By 1:14 PM, it traded at ₹534.45, marking a 20.00% decline, with a full market capitalization of ₹18,272.35 crore.
Netweb Technologies India Ltd opened at ₹1,550.00, down from its previous close of ₹1,622.60. The stock reached a high of ₹1,564.00 and a low of ₹1,460.35. By 1:15 PM, it traded at ₹1,460.35, marking a 10.00% decline, with a full market capitalization of ₹8,231.53 crore.
Zen Technologies Ltd opened at ₹1,730.05, down from its previous close of ₹1,743.35. The stock reached a high of ₹1,759.95 and a low of ₹1,495.10. By 1:16 PM, it traded at ₹1,642.95, marking a 5.76% decline, with a full market capitalization of ₹14,799.94 crore.
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The global impact was profound, with the 500 richest individuals, including Nvidia’s co-founder Jensen Huang, losing $108 billion collectively. The tech-driven market selloff highlights the vulnerabilities within the AI sector as competition intensifies.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
