Infosys, Cognizant and Wipro’s shares tumble as Trump’s $100,000 H-1B visa fee plan rattles Indian IT sector

Shares of Infosys and Wipro listed in the US, in the form of American Depository Receipts (ADRs), dropped sharply on Friday following US President Donald Trump’s executive order limiting the entry of certain H-1B visa holders into the country. Infosys ADRs fell by 4%, while Wipro ADRs declined 2% during overnight trading.

Under the new rules, H-1B visa petitions for new applications must be accompanied by a payment of $100,000. The US State Department may reject any application that does not include this payment.