Stocks of IT majors like Infosys, TCS and Tech Mahindra were trading in negative terrain on Friday after the US Congress doubled a special fee on the popular H-1B and L-1 visas raising it up to $4,500 to fund a 9/11 healthcare act and biometric tracking system that will hit Indian IT companies.
The Indian IT companies will take a hit of $400 million annually with the hike in H-1B and L-1 visas.
At 11.57 am, Infosys, TCS and Tech Mahindra were trading 1.36 per cent, 1.04 per cent and 1.10 per cent down at Rs 1091.90, Rs 2414.95 and Rs 524.00, respectively. Sensex was trading 148.92 points down at 25,654.86. Later, stocks of Infosys, TCS and Tech Mahindra closed 1.90 per cent, 0.98 per cent and 1.24 per cent down at Rs 1085.95, 2416.45 and 523.30, respectively.
The US House of Representative is slated to vote on the $1.1 trillion spending bill deal on Friday that will effectively double fees for H1B and L1 visas to $4,000 and $4,500.
United States is the biggest source of revenue for Indian IT companies.