IT Stocks Plummet Amid H-1B Visa Fee Hikes
IT stocks suffered for a fourth day due to the hike in US H-1B visa fees, affecting investor sentiment. Key IT firms like TCS, Infosys, and Wipro saw significant valuation declines. The issue has broadly impacted the market, prompting widespread concern over the future of IT investments.
- Country:
- India
IT stocks took a hit once again, marking their fourth consecutive day of decline. This downturn stems from increased US H-1B visa fees, which have negatively impacted investor sentiment.
Significant companies felt the brunt of this shift—Infobeans Technologies, Tata Consultancy Services, Hexaware Technologies, HCL Technologies, Wipro, Infosys, and Tech Mahindra all registered losses. The BSE IT index dropped 1.10%, closing at 34,149.55.
CEO Ponmudi R from Enrich Money noted a broader market downturn, with the Nifty 50 also experiencing a five-day losing streak. Key blue-chip stocks like Tech Mahindra, TCS, Wipro, and Infosys reported substantial losses, reflecting the market's anxiety over visa policy changes.
(With inputs from agencies.)
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