Business
Infosys ADRs plunge over 7%, Wipro down 5% as tech turbulence deepens on Wall Street
The broader US tech rout added to the pressure, as the Nasdaq Composite dropped over 300 points, or more than 1%. Around 11:11 AM ET (9:43 PM IST), the Nasdaq was trading at 22,764.90. The S&P 500 was down 0.6% at 6,902.80, while the Dow Jones Industrial Average slipped 249.27 points, or 0.50%, to 49,872.10.
Cisco tanked 11% while heavyweights including Apple, Nvidia and IBM were down up to 6% around this time.
Earlier today, Indian benchmark indices ended with sharp cuts dragged by tech stocks. The Nifty IT index settled 5.5% lower with all 10 stocks slipping into the red.
Panic selling swept through India’s technology sector today with the combined market capitalisation IT stocks eroding by Rs 1.3 lakh crore. Persistent fears of AI-led disruption in the sector and compounded by stronger-than-expected US jobs data that dimmed hopes of near-term interest rate cuts triggered the fall.
Nifty IT is the worst performing index, plunging 21% over the past 12 months.
Vinod Nair, Head of Research Geojit Investments said today’s decline in Indian IT stocks was driven by stronger-than-expected US employment data, with a marginal decline in the unemployment rate, which has reduced expectations of an early rate cut by the US Federal Reserve. This pressure was further compounded by ongoing concerns around AI-led disruption in the sector, he said.On the AI-related fears, Nair said that AI is creating a structural shift in Indian IT services by reducing timelines and automating tasks, putting pressure on the traditional headcount-based outsourcing model.
“Layoffs are likely in routine-heavy areas as fewer people will be needed to deliver the same outcomes. Even ERP implementation, as highlighted by Palantir’s recent focus, is now vulnerable to AI disruption. Clients are shifting toward outcome-based pricing. In the coming quarters, AI adoption could create headwinds for deal wins, potentially impacting topline, making close monitoring of deal flow essential to assess its real impact,” he warned.
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A federal judge has ruled that a lawsuit accusing Bank of America of ignoring warning signs tied to Jeffrey Epstein’s sex trafficking can move forward, saying the claims are strong enough to be heard in court.
US District Judge Jed Rakoff said Wednesday that allegations the bank “recklessly disregarded” information about Epstein’s conduct were sufficient to allow a proposed class action lawsuit to proceed.
The decision explains his earlier January 29 ruling that lets alleged victims pursue two key claims against the bank.
The lawsuit accuses Bank of America of knowingly benefiting from Epstein’s sex trafficking and of obstructing enforcement of the federal Trafficking Victims Protection Act.
According to Reuters, the judge did not rule on whether the bank is guilty. Instead, he found that the claims deserve further review at trial, which is scheduled for May 11.
In a detailed 42-page opinion, Rakoff wrote that the plaintiff, identified as Jane Doe, “plainly alleges” that Bank of America provided non-routine banking services that helped Epstein.
According to the complaint, the bank allowed Doe to become a “premier” customer and move large amounts of money, despite allegedly having “every reason to know” Epstein was involved in the transfers and in sex crimes.
🚨 Judge Rakoff allows key TVPA sex-trafficking claims to proceed against Bank of America over its alleged role in facilitating Jeffrey Epstein’s trafficking venture.
Negligence claims dismissed; BNY Mellon wins partial dismissal. pic.twitter.com/4y3mz6fJTW — SCOTUS Wire (@scotus_wire) February 12, 2026
Judge: Bank of America ‘Turned Blind Eye’
Rakoff also said Doe plausibly claimed that the bank “turned a blind eye” to media reports about Epstein.
He pointed to questions about “the way large transfers passed in and out of an account allegedly owned by an impecunious young woman.”
The judge added that one bank employee, who previously worked with Epstein at other major banks, allegedly had “direct personal knowledge” of Epstein’s sex trafficking, which could expose Bank of America to civil liability, US News reported.
The lawsuit claims the bank continued doing business with Epstein until his arrest in July 2019 because profits were placed above protecting victims.
Epstein died the following month in a Manhattan jail cell while awaiting trial. His death was ruled a suicide by the city’s medical examiner.
Bank of America, based in Charlotte, North Carolina, said it looks forward to a full review of the facts.
The judge dismissed four other claims against the bank and threw out all claims in a similar lawsuit against Bank of New York Mellon.
In 2023, Epstein accusers reached settlements totaling $290 million with JPMorgan Chase and $75 million with Deutsche Bank. Neither bank admitted wrongdoing.
Originally published on vcpost.com
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