IT Stocks Reeling Amid Visa Fee Concerns and Weak Accenture Guidance
IT stocks faced heavy selling due to concerns over H-1B visa fees and Accenture's weak guidance. Major IT firms like Infosys, Wipro, and TCS saw significant valuation declines. The BSE IT index fell sharply, affected by policy changes and market volatility. Accenture’s workforce in India and the USD 100k H-1B visa fee also weighed heavily.
- Country:
- India
IT stocks saw significant declines on Friday as concerns over H-1B visa fees and weak guidance from Accenture overshadowed investor sentiment. The BSE IT index fell by 2.41%, a direct consequence of the unease surrounding the tech sector.
Several major companies were hit hard, with Intellect Design Arena, Oracle Financial Services Software, and Zensar Technologies among those recording notable losses. The valuation of TCS, Infosys, Wipro, HCL Tech, and Tech Mahindra saw a significant erosion, collectively losing Rs 1,90,985.94 crore.
The drop in IT stocks follows the announcement of a steep one-time fee on H-1B visas, affecting predominantly Indian tech professionals. Compounding the impact was a steep 100% tariff on imports of pharmaceuticals announced by the US, deteriorating investor confidence further.
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- IT stocks
- visa fee
- Accenture
- guidance
- market valuation
- Intellect Design
- Oracle
- Sensex
- Nifty
- H-1B
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