Indian power capex and AI-linked stocks plummeted up to 15% following a global sell-off in AI equities.
15%
TD Power / Thermax Drop
⏳ Time Machine
How today’s news fits into the bigger picture
January 2026
HFCL, Sterlite begin strong rallies
HFCL and Sterlite Technologies began a period of significant stock appreciation, with HFCL climbing over 370% from its January low to October peak, driven by AI infrastructure demand.
October 2026
HFCL and Sterlite hit 52-week highs
Both HFCL (₹282.10 on Oct 21) and Sterlite Technologies (₹757 on Oct 5) reached new 52-week highs, riding the wave of optimism surrounding AI data center investments.
November 2, 2026
HFCL, Sterlite hit lower circuits
HFCL and Sterlite Technologies, along with MTAR Technologies, were locked at 5% s amid an early indication of a global tech rout and profit-taking.
November 5, 2026
US AI stocks lose $2.5 trillion
A sharp sell-off in US technology stocks, triggered by fears of AI infrastructure slowdowns post-US midterms, wiped out an estimated $2.5 trillion in market value, with falling 5.52%.
Today
Indian power capex and AI-linked stocks plunged up to 15% due to a global AI sell-off.
What happens next?
Markets will watch for US policy clarity on data center regulations and AI infrastructure spending.
A global sell-off in artificial intelligence (AI) stocks has sent shockwaves through the Indian market, causing power capital expenditure (capex) and AI-linked shares to tumble by up to 15% on Friday. The downturn was triggered by fears that recent Democratic Party victories in US midterm elections could lead to tighter regulations on data center expansion and slow down AI infrastructure development. US technology stocks alone wiped out an estimated $2.5 trillion in market value on Thursday. While some Indian IT services giants like Infosys saw gains, indicating a 'reverse AI' trade, companies like TD Power and HFCL, crucial for building AI infrastructure, bore the brunt of the selling, hitting their lower circuits.
💭 If you're wondering…
Democratic Party gains in the US midterms sparked fears of stricter regulations or reduced incentives for data center expansion in the US. Since many Indian companies provide infrastructure for these global AI data centers, the sentiment shift in the US directly impacts their growth outlook and investor confidence.
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