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Indian Equity Markets Slump as IT Stocks Weighed by H-1B Visa Fee Hike
Indian Equity Markets Slump as IT Stocks Weighed by H-1B Visa Fee Hike
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BTCCSquare news:
Indian benchmark indices faced sharp declines Monday, with the Sensex dropping 220 points and Nifty 50 settling at 25,280. The selloff was driven by a 3% plunge in IT stocks after the U.S. raised H-1B visa fees to $100,000—a MOVE expected to significantly increase operational costs for India's tech outsourcing giants.
While realty stocks gained 1% and sectors like banking and auto showed resilience, the smallcap and midcap indices mirrored the broader weakness. Tech Mahindra, TCS, and Infosys led the decliners, contrasting with gains in Adani Enterprises and Bajaj Auto. The market's muted reaction to GST reforms underscores the outsized impact of global policy shifts on India's tech-dependent equities.
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