Indian IT stocks plummet on fear of strict H1-B visa norms
It comes in the wake of US President Donald Trump's recent immigration ban on seven countries.
The BSE IT index lost 3.83 per cent to 9500.13 after news of the rules, which would more than double the minimum salary for the jobs sought under H-1Bs to $130,000 – a sharper increase than was expected, reported the Financial Times.
Nifty IT index fell as much as 5.4 per cent to itslowest in over two months, dragging down the broader NSE index.
Share price of leading IT companies such as TCS, Infosys and Wipro fell 3-5 percent while Tech Mahindra slumped 10 percent intraday on Tuesday, according to media reports.
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