IT stocks plummet as Trump increases H-1B visa costs

Information technology stocks took a beating on Monday, dragging the broader market indices lower, after US President Donald Trump’s move to raise the one-time cost of H-1B visas soured sentiment. The Nifty IT index tumbled nearly 3% against the 0.5% decline in the Nifty. Out of the 10 stocks in the index, nine fell, while one — Oracle Financial Services — dodged the weak trend. Infosys, Tata Consultancy Services and Wipro declined between 2% and 3%, while shares of smaller companies in the sector saw deeper cuts.