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A broker trades on his computer terminal at a stock brokerage firm in Mumbai, India, January 20, 2016. REUTERS/Shailesh Andrade/Files

IT stocks dip by Rs 33,000 crore on wake of H1-B Bill in US

New Delhi: IT stocks plummeted over 4 per cent on Tuesday dipping about Rs 33,000 crore in market of top five companies. The development came shortly afterwards the new H-1B Bill in the US created apprehensions of adverse impacts on Indian techno firms.

As per sources, TCS slumped by as much as 4.47 per cent while Infosys had to lose 2.01 per cent to close at Rs 905. Similarly, Wipro slouched to Rs 457.10 after losing 1.62 per cent of its share as HCL Technologies declined 3.67 per cent to Rs 808.85 at the end of the day. Tech Mahindra went down as much as 4.23% to close at Rs 451.75.

With the new US President Donald Trump planning to overhaul work-visa programmes through a legislation which calls for more than doubling the minimum salary of H1-B visas to 1,30,000 USD.

With the effect coming into force Indian companies will be the big bearer of losses since they are the major users of the visa.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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