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TCS, Infosys Shares Slump On Reports Of H1 B Visa Holders Salary Hike

Shares in TCS and Infosys fell after reports that the H1B Reform Bill has hiked the salary requirement for those going on H1B Visa to $130,000 from the current levels of $60,000

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Shares in TCS and Infosys fell after reports that a new H1B Bill has hiked the salary requirement for those going on employement using H1B Visa to $130,000 from the current levels of $60,000.

tcs
Infosys: Quotes, News
BSE 1300.45BSE Quote24.2 (-1.86%)
NSE 1300.80NSE Quote25.1 (-1.93%)
Tata Consultancy Services: Quotes, News
BSE 2451.65BSE Quote43.35 (-1.77%)
NSE 2450.70NSE Quote42.5 (-1.73%)
This is likely to force some of the major IT companies to hire locally in the US, which could result in margin pressures for these companies.

A legislation has been introduced in the US House of Representatives which among other things calls for more than doubling the minimum salary of H-1B visa holders to USD 130,000, making it difficult for firms to use the programme to replace American employees with foreign workers, including from India, PTI has reported.

Shares in TCS slumped 4.5 per cent, while Infosys was down 3 per cent and Tech Mahindra slumped 3.5 per cent. Indian IT companies use the H1B visa which is an employment-based, non-immigrant visa category for temporary workers. This enables them to send employees to work in the US.

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Story first published: Tuesday, January 31, 2017, 12:45 [IST]
See More On: tcs, infosys, shares, reports, visa, salary, hike

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