IT stocks slips after Trump signs order to restrict use of H-1B visa

Shares of nine IT companies fell 0.3% to 2% after US President Donald Trump reportedly signed an executive order to restrict the use of H-1B visa.

The Nifty IT index fell 1.03% to 17,780.80, declining for second day. The index has lost 1.6% in two sessions.

Tech Mahindra (down 2.34%), HCL Technologies (down 1.75%), MindTree (down 1.68%), Larsen & Toubro Infotech (down 1.67%), Infosys (down 1.09%), Wipro (down 1.05%), NIIT Technologies (down 0.81%), Info Edge India (down 0.67%) and TCS (down 0.33%) declined.

Meanwhile, the S&P BSE Sensex rose 475.51 points or 1.29% to 37,415.11.

The media reported that US President Trump has signed an executive order restricting federal agencies from contracting or subcontracting foreign workers. The would adversely impact Indian IT professionals who work in the US on the H-1B visa.

 

In June, Trump announced temporary suspension of the issue of H-1B visas along with other types of foreign work visas until the end of 2020.

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