Fidelity Fund Manager Bets Against India Stocks as AI Fear Rages

India’s stock-market slide has further to run as software companies are dragged down by concerns about the competitive threat from artificial intelligence, according to a Fidelity International Ltd. money manager who has been short selling some of the nation’s information-technology firms.

Chris Tennant, who oversees the Fidelity Emerging Markets Ltd fund, told reporters on Tuesday that his portfolio is 9% underweighted against India, its most bearish positioning. He said it reflects the risk that the so-called AI scare trades that have raced through world markets have yet to fully impact the valuations of India’s companies.