Shares in TCS and Infosys fell after reports that a new H1B Bill has hiked the salary requirement for those going on employement using H1B Visa to $130,000 from the current levels of $60,000.
A legislation has been introduced in the US House of Representatives which among other things calls for more than doubling the minimum salary of H-1B visa holders to USD 130,000, making it difficult for firms to use the programme to replace American employees with foreign workers, including from India, PTI has reported.
Shares in TCS slumped 4.5 per cent, while Infosys was down 3 per cent and Tech Mahindra slumped 3.5 per cent. Indian IT companies use the H1B visa which is an employment-based, non-immigrant visa category for temporary workers. This enables them to send employees to work in the US.