Indian Tech Stocks Lose $10 Billion in Market Value on H-1B Hike
The article reports that Indian tech stocks lost around $10 billion in market value due to concerns over the increase in U.S. visa fees, particularly the H-1B visa. The H-1B visa is widely used by Indian IT companies to send their employees to work in the U.S. The hike in visa fees is expected to put pressure on the earnings of leading Indian outsourcing firms, as it will increase their operational costs. The news of the visa fee hike led to a sell-off in the shares of major Indian IT companies, resulting in a significant decline in their market capitalization. The article highlights the reliance of the Indian tech industry on the H-1B visa program and the potential impact of changes in U.S. visa policies on the financial performance of these companies.
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