AI selloff hits India too: TD Power, HFCL, Sterlite, other power capex-linked stocks crash up to 15%

The Economic Times · Veer Sharma · 2026-11-06 05:11 UTC

Indian power capex and AI-linked stocks tumbled as a global technology sell-off spread across markets, with TD Power and Thermax plunging 15% each. Concerns that US midterm election results could slow data centre expansion and AI infrastructure spending triggered sharp losses across Asian technology stocks and domestic market-linked companies.

TD Power and Thermax were among the worst-hit stocks, plunging 15% each during the session. HFCL and Sterlite Technologies, which have emerged as major AI beneficiaries in 2026, were locked in the 5% lower circuit. Hitachi Energy and CG Power fell 5% and 7%, respectively, while Aeroflex Industries and KRN Heat Exchanger declined 5% in morning trade.

What’s triggering this?

The sell-off came amid fears that gains by the Democratic Party in the US midterm elections could lead to restrictions on data centre expansion and slow down the country's artificial intelligence infrastructure development.

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