Trump's blow to Indian IT majors, issuing executive orders
DSIJ Intelligence / 31 Jan 2017
US president Donald Trump issues an executive order targeting tech companies like Indian IT majors Infosys, Wipro and TCS, which send Indian IT professionals to US.
H1B visa reform, as a part of a bigger immigration reform plan of new US president fights against visa abuses that had undercut the wages of American workers.
Indian companies use H1B visa along L1 visa extensively, to immigrate and work in US from other countries. As per media reports, almost 86 per cent H1B visas for IT related jobs and 46.5 per cent engineering positions were allocated to Indians.
Reacting to this, TCS, Wipro, Tech Mahindra, HCL Tech and Infy among other IT companies, have plunged on Tuesday. At 2:45 pm on Tuesday, the stocks are trading at:
Tech Mahindra: Rs 449.95 (-4.61 per cent)
TCS: Rs 2230.50 (-4.44 per cent)
Infosys: Rs 920.90 (-2.89 per cent)
Wipro: Rs 454.55 (-2.17 per cent)
S&P BSE IT index has also lost more than 3 per cent at 9,576.38, during the Tuesday's trading hours.
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