New Delhi: IT stocks plummeted over 4 per cent on Tuesday dipping about Rs 33,000 crore in market of top five companies. The development came shortly afterwards the new H-1B Bill in the US created apprehensions of adverse impacts on Indian techno firms.
As per sources, TCS slumped by as much as 4.47 per cent while Infosys had to lose 2.01 per cent to close at Rs 905. Similarly, Wipro slouched to Rs 457.10 after losing 1.62 per cent of its share as HCL Technologies declined 3.67 per cent to Rs 808.85 at the end of the day. Tech Mahindra went down as much as 4.23% to close at Rs 451.75.
With the new US President Donald Trump planning to overhaul work-visa programmes through a legislation which calls for more than doubling the minimum salary of H1-B visas to 1,30,000 USD.
With the effect coming into force Indian companies will be the big bearer of losses since they are the major users of the visa.