Skyrocketing US H-1B Visa Fees Tank Indian IT Stocks
IT stocks fell on Monday with notable companies like Tech Mahindra and Infosys experiencing significant declines. This drop is attributed to the US's decision to increase H-1B visa fees, creating concerns among companies that rely heavily on these visas for Indian tech professionals.
- Country:
- India
IT stocks witnessed a sharp decline in Monday's morning trade, with Tech Mahindra plunging over 6% amid apprehensions concerning the sudden surge in US H-1B visa fees.
Major players such as Tech Mahindra, LTI Mindtree, and Persistent Systems recorded significant drops, contributing to a 2.20% slide in the BSE IT index.
Despite an initial dip, markets showed resilience, recovering some losses. The hike in visa fees, implemented by President Trump, stands to impact Indian tech professionals heavily reliant on H-1B visas.
(With inputs from agencies.)
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