The Trump administration’s crackdown on immigration has adversely affected Tata Consultancy Services, Infosys, HCL Technologies and Wipro.
Denial of H1-B visas to employees of Indian IT companies has touched an all-time high, data from the National Foundation for American Policy (NFAP) showed.
The data, sourced from the US Citizenship and Immigration Services (USCIS), show a steep jump from FY15 when the denial stood at six percent, as per a report in The Economic Times.
Moneycontrol could not independently verify the report.
The Trump administration's crackdown on immigration heavily affected the four major Indian companies – Tata Consultancy Services, Infosys, HCL Technologies and Wipro – which saw almost 50 percent of their work visa applications rejected, the report added.
Infosys was hit with a 57 percent denial rate for the period compared to 2 percent in FY15; while Wipro saw 63 percent denials against 7 percent from FY15, and HCL had 43 percent from the 2 percent in FY15.
All four companies declined to comment to the publication's queries.The increased denial rate would mean heavier cost burdens on the companies, Shivendra Singh, vice president of the global trade department at industry body Nasscom, told the paper.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.