IT stocks foot Rs 82,600 crore bill for $100,000 H-1B visa. Time to sell?

Already reeling under pressure from multiple other issues, IT stocks fell up to 5% on Monday with the Nifty IT index losing Rs 82,600 crore in market value after US President Donald Trump surprised tech giants by hiking $100,000 fee for H-1B visa from $1,000 earlier.

The Nifty IT index, which is already in bear grip, ended the day 3% lower with Mphasis, LTIMindtree, Coforge, Persistent down around 4-5% each. TCS, Infosys, Wipro and HCL Tech ended 2-3% lower. Most of these IT majors are already down 20-30% from peaks.