H1-B visa effect: Infosys, TCS, Wipro tank up to 5%

Among top-tier Indian IT stocks, HCL Tech is the most insulated from H1-B visa worries, analysts say

Stocks of largecap  information technology (IT) companies such as TCS, Infosys and Wipro tanked up to 5% in intraday trade on reports that 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 $130,000.

The move, experts say, will make it difficult for the software services firms to replace American employees with foreign workers, including from India.

Reacting to the development, S&P BSE IT index shed 5% to 9401 points in intra-day trade to hit its lowest level since November 24, 2016.