IT Stocks Fall As Trump Moves To Reform H-1B Visas

Shares in IT companies like Infosys, TCS and Wipro fell, after US President Donald Trump decided to reform the H-IB Visas.

US President Donald Trump has directed his administration to "reform" the H-1B visa system and move in the direction of merit-based immigration, White House officials have said, according to PTI reports.

"Moving to a merit-based immigration system," the White House said in a statement soon after Trump issued a proclamation to temporarily suspend H-1B and other work visas till the end of the year. The Trump Administration will reform the immigration system to prioritise the highest-skilled workers and protect American jobs, it said.

The Trump Administration will also close loopholes that have allowed employers in the US to replace American workers with low-cost foreign labour, it said, according to PTI reports.

"The more permanent actions that he is directing us to take include reforming the H-1B system to move in the direction of a more merit-based system. You hear the president talk all the time about getting the best and the brightest, and you also hear him talking about protecting American jobs. So, these reforms will do both," a senior administration official told reporters during a conference call, PTI has reported.