Stricter H-1B visa rules drag IT stocks down

IT stocks slumped on worries over stricter H-1B visa rules.

IT stocks slumped on worries of stricter H-1B visa rules. The Nifty IT index fell as much as 5.41 per cent to its lowest since November 24, 2016. Infosys Ltd and Tata Consultancy Services Ltd were among the top losers.

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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 $130,000, making it difficult for firms to use the programme to replace American employees with foreign workers, including from India.

The Bill is unveiled amid a raucous roll-out of USPresident Donald Trump's directive to ban refugees into thecountry, raising concerns about a more restrictive immigration policy.

Tech Mahindra nosedived 4.23 per cent, HCL Technologies plunged 3.67 per cent, Tata Consultancy Services dropped 4.47 per cent and Infosys dipped 2.01 per cent.