Top 4 IT companies lose over Rs 22,000 crore in market valuation over H1-B visa concerns
Advertisement
Amid rising concerns over H1-B visa, IT stocks fell around 4% as the US Congress introduced bill backing key changes in the H-1B Visa programme.
On market bellwether Bombay Stock Exchange (BSE ), shares of Infosys lost 2.50%, TCS went down by 2.18% and Wipro dipped 2.18%.
These three stocks were the biggest laggards on the benchmark Sensex that ended 119.01 points lower at 26,759.23.
Among others, shares of Tech Mahindra slipped 3.80 per cent, Hexaware Technologies went down by 3.73 per cent, HCL Tech (3.55 per cent) and Mphasis (2.20 per cent).
The BSE IT index fell by 2.54 per cent to end at 9,880.61.
The top four companies - TCS, Infosys, Wipro and HCL Tech - together lost over Rs 22,000 crore in market valuation.
"Stocks continued the week-long surge, but with Q3 figures expected to flow in shortly, and with IT stocks bogged down by US visa restriction fears, profit-booking gained traction as the day drew to a close," said Anand James, chief market strategist, Geojit BNP Paribas Financial Services Ltd.
A bill backing key changes in the H-1B visa programme has been re-introduced in the US Congress by two lawmakers who claim that it will help crack down on the work visa abuse.
The 'Protect and Grow American Jobs Act' makes important changes to the eligibility requirements for H-1B Visa exemptions was re-introduced by Republican Darrell Issa and Scott Peters - both from California.
The bill, among other things, increase the minimum salary of H-1B visa to $100,000 per annum and eliminates the Masters Degree exemption.
Advertisement
On market bellwether Bombay Stock Exchange (
These three stocks were the biggest laggards on the benchmark Sensex that ended 119.01 points lower at 26,759.23.
Among others, shares of Tech Mahindra slipped 3.80 per cent, Hexaware Technologies went down by 3.73 per cent, HCL Tech (3.55 per cent) and Mphasis (2.20 per cent).
The BSE IT index fell by 2.54 per cent to end at 9,880.61.
Advertisement
"Stocks continued the week-long surge, but with Q3 figures expected to flow in shortly, and with IT stocks bogged down by US visa restriction fears, profit-booking gained traction as the day drew to a close," said Anand James, chief market strategist, Geojit BNP Paribas Financial Services Ltd.
A bill backing key changes in the H-1B visa programme has been re-introduced in the US Congress by two lawmakers who claim that it will help crack down on the work visa abuse.
The 'Protect and Grow American Jobs Act' makes important changes to the eligibility requirements for H-1B Visa exemptions was re-introduced by Republican Darrell Issa and Scott Peters - both from California.
The bill, among other things, increase the minimum salary of H-1B visa to $100,000 per annum and eliminates the Masters Degree exemption.
Advertisement
The bill comes after a number of companies - Disney, SoCal Edison and others - have come under fire for abusing the H1-B Visa programme to replace American workers with foreign workers.Advertisement
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- India legend Yuvraj Singh named ICC Men's T20 World Cup 2024 ambassador
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market