IT stocks fall for third day on H-1B fee hike: Sensex slips 386 points; FIIs continue outflow
Mastek Ltd plunged 3.42 per cent, Infobeans Technologies declined 3.41 per cent, Wipro lost 2.06 per cent, Tech Mahindra fell 1.30 per cent, Tata Consultancy Services slipped 0.86 per cent, and Infosys edged down 0.24 per cent on the BSE, PTI reported.Last week, the Trump administration announced a one-time USD 100,000 fee on H-1B visas.
Indian tech professionals account for over 70 per cent of these visas, making the hike a significant headwind for IT exports.“IT stocks underperformed due to H-1B fee hikes,” Vinod Nair, Head of Research at Geojit Investments Limited, said.In the broader equity market, the BSE Sensex fell 386.47 points or 0.47 per cent to 81,715.63, while the NSE Nifty lost 112.60 points or 0.45 per cent to 25,056.90.
“Market sentiments were weighed down by continued concerns over US visa policy changes and persistent FII selling,” Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
