Indian IT Stocks Slide Over Trump’s New $100,000 H-1B Fee
The post Indian IT Stocks Slide Over Trump’s New $100,000 H-1B Fee appeared on BitcoinEthereumNews.com. Topline Shares of major Indian tech services firms plunged sharply on Monday in response to President Donald Trump’s move to impose a new $100,000 fee on H-1B visa applications, which is expected to create operational and cost challenges for the outsourcing companies, which rely on the temporary skilled worker visa to deploy Indian workers to clients in the U.S. Shares of major Indian IT services firms like Infosys slumped sharply on Monday. AFP via Getty Images Key Facts Shares of Tata Consultancy Services, India’s largest IT services firm by market cap, was down than 3.1% to $34.85 (Rs 3,073.50) during afternoon trading in Mumbai. Infosys’ stock dropped 3.19% to $16.91 (Rs 1,491), HCLTech shares were down 1.92%, while shares of Tech Mahindra and Wipro were down 3.55% and 2.30% respectively. The Bombay Stock Exchange’s benchmark SENSEX index also declined on Monday by 0.26% to 82,347 points, while the Nifty IT index, which tracks the country’s IT sector, fell more than 3%. Shares of U.S. tech giants Google, Meta and Microsoft, which also rely on the visa for hiring foreign talent, were also down slightly in premarket trading. Over the weekend, following Trump’s announcement, Indian government officials warned there would be an “immediate fallout” for Indian IT firms and professionals, adding: “We have to see how companies adapt to it.” What Has India Said About The Visa Fee Hike? In a statement issued over the weekend, India’s foreign ministry said: “This measure is likely to have humanitarian consequences by way of the disruption caused for families. Government hopes that these disruptions can be addressed suitably by the US authorities.” The statement added: “Skilled talent mobility and exchanges have contributed enormously to technology development, innovation, economic growth, competitiveness and wealth creation in the United States and India.” How Many H-1b Recipients Are…
The post Indian IT Stocks Slide Over Trump’s New $100,000 H-1B Fee appeared on BitcoinEthereumNews.com.
Topline Shares of major Indian tech services firms plunged sharply on Monday in response to President Donald Trump’s move to impose a new $100,000 fee on H-1B visa applications, which is expected to create operational and cost challenges for the outsourcing companies, which rely on the temporary skilled worker visa to deploy Indian workers to clients in the U.S. Shares of major Indian IT services firms like Infosys slumped sharply on Monday. AFP via Getty Images Key Facts Shares of Tata Consultancy Services, India’s largest IT services firm by market cap, was down than 3.1% to $34.85 (Rs 3,073.50) during afternoon trading in Mumbai. Infosys’ stock dropped 3.19% to $16.91 (Rs 1,491), HCLTech shares were down 1.92%, while shares of Tech Mahindra and Wipro were down 3.55% and 2.30% respectively. The Bombay Stock Exchange’s benchmark SENSEX index also declined on Monday by 0.26% to 82,347 points, while the Nifty IT index, which tracks the country’s IT sector, fell more than 3%. Shares of U.S. tech giants Google, Meta and Microsoft, which also rely on the visa for hiring foreign talent, were also down slightly in premarket trading. Over the weekend, following Trump’s announcement, Indian government officials warned there would be an “immediate fallout” for Indian IT firms and professionals, adding: “We have to see how companies adapt to it.” What Has India Said About The Visa Fee Hike? In a statement issued over the weekend, India’s foreign ministry said: “This measure is likely to have humanitarian consequences by way of the disruption caused for families. Government hopes that these disruptions can be addressed suitably by the US authorities.” The statement added: “Skilled talent mobility and exchanges have contributed enormously to technology development, innovation, economic growth, competitiveness and wealth creation in the United States and India.” How Many H-1b Recipients Are…
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