Indian IT stocks have suffered a sharp fall, with Rs 5.7 lakh crore wiped out in just eight trading sessions. The Nifty IT index crashed 19%, hitting a 5-year low. Leading stocks like Infosys and TCS took a big hit. Other companies like Coforge, LTIMindtree, HCL Tech, and Mphasis slipped up to 4%. The selloff was triggered by US AI startup Anthropic's launch of a new tool for corporate legal teams. This tool automates tasks like contract reviews, compliance checks, and legal brief preparation, stirring fears of disruption in the IT sector. However, international brokerage JP Morgan sees this gloom as a buying opportunity. They called Indian IT firms the "plumbers of the tech world" and noted that current dividend yields are at levels last seen during the global financial crisis and COVID-19. JP Morgan said, "Free cash flow/dividend yields scream deep value and are crossing levels prior seen during market dislocation events such as GFC and COVID." They recommend buying large caps like Infosys and TCS, along with growth stocks Persistent Systems and Sagility. JP Morgan’s analysis suggests limited further downside risk and potential for significant upside if growth returns. Deven Choksey, MD of DRChoksey FinServ, told ET Now, "I am of the view that the things are not looking as bad as it is sounding. On the contrary, for most of the IT companies, it is a new birth, new business, new environment in which they will probably be flourishing in coming times." He added that Indian IT firms are adapting to a new model, shifting from time-and-cost billing to outcome-based pricing. This shift is powered by AI, which helps cut costs and speed up solutions. AI-led development is becoming the norm, enabling IT companies to secure bigger, more strategic deals. Despite short-term losses, experts see strong potential for Indian IT companies to grow in the changing tech landscape.