IT Shares Hit 52-Week Lows As Trump Leads In Opinion Poll

Shares in IT companies hit a new 52-week low as Trump leads in an ABC News/Washington Post tracking poll for the first time since May, 2016.

Published: Wednesday, November 2, 2016, 10:31 [IST]

Shares in tech companies fell, with Infosys, MindTree and Wipro all hitting fresh 52-week lows, after an ABC News/Washington Post poll showed Trump was one per centage point ahead of Hillary Clinton. This was the first such lead since May 2016. Markets had hitherto factored a win for Hillary Clinton, but, with Trump edging past in opinion polls, markets were worried over his policy on H1-B visas.

IT Shares Hit 52-Week Lows As Trump Leads In Opinion Poll

The Indian IT industry sends lakhs of employees every year to the US on H1-B visas. Donald Trump has been of the opinion that this damages employment opportunities in the US, though he has also flip-flopped believing that the US also needed skilled workers.

H-1B visas have come under very close scrutiny in the US in recent months as debates about US job losses to workers from countries like India remain. The issue snowballed, after Walt Disney World employees lost their jobs.

Shares in Infosys dropped to a new 52-week low of Rs 980.10, while shares in Wipro dropped to a new 52-week low of Rs 452.60, and MindTree shares fell to a 52-week low of Rs 430.

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Story first published: Wednesday, November 2, 2016, 10:31 [IST]