Shares in IT Companies dropped sharply, after US President elect Donald Trump said that he would stop companies from abusing the visa process for foreign workers that placed a threat to Amercican jobs and abused the visa process.
Shares in Infosys was down 2 per cent at Rs 969, while TCS fell 1 per cent to Rs 2171. Among the other IT stocks that declined in trade were Wipro and HCL Tech.
Donald Trump has had mixed opinion over H1B Visas. In the past he has said that Amercica needed skilled workers, while he also has vowed to clamp-down on the misuse of these visas.
Indian IT companies depend heavily on the H1B visas to help their clients and bulk of the revenues for IT companies come from the US.
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