IT stocks down as US scraps premium process of H1-B visa for now

Shares of information technology (IT) companies were under pressure in early trade on Monday, following the developments on H1-B visa front in the US. Infosys and TCS were down over 1.25 percent intraday, while Wipro was lower by 0.62 percent. HCL Technologies, meanwhile, gained around 0.20 percent.Late on Saturday, the US announced that from April 3 it would temporarily suspend the 'premium processing' of H-1B visas that allowed some companies to jump the queue, as part of overall efforts to clear the backlog. The suspension came even as New Delhi pressed for a fair and rational approach on the matter from a trade and business perspective.The stocks have been facing risks of rise in costs on the back of a legislation in the US. The legislation, among other things, calls for more than doubling the minimum salary of H-1B visa holders to USD 130,000, making it difficult for firms to use the programme to replace American employees with foreign workers, including from India.All the stocks have posted nearly flat movements in the recent past. Infosys' three-day movement saw it falling 0.27 percent. At 09:51 hrs, it was quoting at Rs 1,022.25, down Rs 8.90, or 0.86 percent on the BSE. The stock touched an intraday high of Rs 1,027.90 and an intraday low of Rs 1,018.00.Meanwhile, TCS was lower nealry half a percent in the past three days. At 09:52 hrs, the stock was quoting at Rs 2,469.00, down Rs 23.35, or 0.94 percent on the BSE. It touched an intraday high of Rs 2,482.45 and an intraday low of Rs 2,461.10.HCL Technologies, gained nearly a percent in the past three days. At 09:54 hrs, the scrip was quoting at Rs 856.55, up Rs 3.90, or 0.46 percent on the BSE. It touched an intraday high of Rs 857.25 and an intraday low of Rs 845.50.Wipro, too, posted a gain of 0.69 percent in the past three days. At 09:53 hrs Wipro was quoting at Rs 491.50, down Rs 0.90, or 0.18 percent on the BSE. It touched an intraday high of Rs 494.00 and an intraday low of Rs 489.30.