IT Stocks Slide after US H-1B Visa Cost Increase

Shares of leading Indian IT firms dropped ~3% after the US government raised fees for new H-1B visa applications to US$100,000, raising cost pressures for the sector heavily dependent on US visas. With over half of revenues coming from US contracts, many companies are evaluating hiring adjustments and cost models. Analysts suggest earnings per share could be trimmed. The broader Nifty IT index was the worst performing, dragging down sectoral and market confidence.