Moneycontrol
Last Updated : Jun 23, 2020 08:08 PM IST | Source: Moneycontrol.com

Infosys, HCL Tech, Wipro among IT stocks under pressure on suspension of H-1B visa

The listed ADRs of the Infosys and TCS ended 0.11 percent and 1.52 percent lower respectively in the yesterday's trading session on the Wall Street.

Most of the IT stocks are trading under pressure on June 23 after the US government temporarily suspended issuing H-1B visas.

United States President Donald Trump has issued a proclamation to suspend issuing of H-1B visas and other foreign work visas for the rest of the year.

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Trump said the step was essential to help millions of Americans who have lost their jobs due to the current economic crisis.

Also Read - Suspension of foreign work visas to free up to 5.25 lakh jobs in US: White House

The proclamation that comes into effect on June 24, is expected to impact a large number of Indian IT professionals and several American and Indian companies who were issued H-1B visas by the US government for the fiscal year 2021 beginning October 1.

The listed ADRs of the Infosys and TCS ended 0.11 percent and 1.52 percent lower respectively in yesterday's trading session on Wall Street.

With inputs from PTI
First Published on Jun 23, 2020 09:28 am
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