IT stocks plunge over 3.5% after OpenAI launches rival firm

IT stocks saw heavy selling on Tuesday, dragging the Nifty IT index down 3.7% to its lowest level since May 2023. The fall in the index comes a day after OpenAI launched OpenAI Deployment Company, which may rival India's premier IT service companies like Infosys, TCS and Wipro. The new firm can help other organisations build and deploy AI systems.