In what can be called a biggest loss to multinational IT companies in India, the IT sub index in Bombay Stock Exchange witnessed a downfall of close to 3%. When it comes to the potential deprivation, it’s a cumulative a loss of 22,000 crore for TCS, Infosys, Wipro and HCL companies – painful isn’t it?
While shares of Infosys fell by 2.50%, TCS and Wipro experienced a 2.18% dip in its share value. The business experts attribute this crisis to key changes in H1-B visa program and re-introduction of ‘Protect and Grow American Jobs Act’ in US Congress.
With a view to crack down all concerns and irregularities in H1-B visa programme, two lawmakers Darrell Issa and Scott Peters in US introduced it. Also, the bill is likely to hike the minimum salary of H1-B visa from $60,000 to $1,00,000 per annum.
Given these conditions, days prior to Trump’s inaugural ceremony, the bitter condition of Indian IT companies has slipped into a worsening and worrying state. And, no company is ready to bare such losses in the coming future. However, it remains to be seen whether the bill, introduced in US Congress, gets passed or not!
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