H-1B visa hike: Another dampener for IT stocks
The announcement of a 20-fold rise in the H-1B visa fee by the US government on Friday is expected to hit information technology (IT) stocks further in the near term at a time when they have already been under pressure due to lower-than-expected earnings growth and tariff threat. After the announcement, American Depository Receipts (ADRs) of Indian IT companies fell sharply on Friday, with Infosys falling 3.4% and Wipro down 2%.
