US H-1B Visa Fee Hike Drags Down Indian IT Stocks
Indian IT stocks suffered a sharp decline on Monday following a US decision to raise the H-1B visa fee to $100,000. Stocks such as Infobeans, Hexaware, and LTI Mindtree saw notable drops with the BSE IT index falling by 2.73%. The move, led by investor concerns, affects India's $283 billion IT outsourcing sector.
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- India
Indian IT stocks fell sharply on Monday after a significant hike in US H-1B visa fees was announced. Infobeans Technologies saw an 8% drop, while Hexaware Technologies tumbled 7%. Numerous other major companies experienced declines, including LTI Mindtree, Tech Mahindra, and Infosys.
The decline came after US President Donald Trump imposed a $100,000 fee on new H-1B visa applications. This fee increase is expected to disrupt the Indian IT outsourcing model significantly, a concern already felt in the market as it led to a 2.73% drop in the BSE IT index.
The broader domestic market also traded lower, with the 30-share BSE Sensex and the 50-share NSE Nifty declining. Indian tech professionals, who represent the majority of H-1B visa holders, are particularly impacted by this development.
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