Indices fall as H1-B visa fee shock hits IT stocks

At the time, when the market was gearing up for a significant consumption boost due to the implementation of Goods and Services Tax 2.0, the 20-fold hike in the H1-B fees hike saw information technology (IT) stocks drag down the benchmark indices by around 0.5% each.

The Nifty IT Index plunged 2.95% — its sharpest fall since April 4 — and was the top sectoral loser on the NSE. During intraday trade, the index was down nearly 4%.