New Delhi, Sep 25 (PTI) IT shares continued to slip for the fourth day in a row on Thursday because the staggering hike in US H-1B visa charges continues to harm investor sentiment.
The inventory of Infobeans Applied sciences dropped 2.64 per cent, Tata Consultancy Providers declined 2.50 per cent, Hexaware Applied sciences misplaced 1.91 per cent, HCL Applied sciences dipped 1.31 per cent, Wipro fell by 1.06 per cent, Infosys (0.64 per cent) and Tech Mahindra (0.61 per cent).
The BSE IT index declined by 1.10 per cent to finish at 34,149.55.
“The Nifty 50 prolonged its dropping streak to a fifth straight session amidst heavy promoting in IT shares after the US imposed a USD 1,00,000 H-1B visa payment,” Ponmudi R, CEO of Enrich Cash, an internet buying and selling and wealth tech agency, mentioned.
Since final Friday, from the blue-chip shares — Tech Mahindra has tanked 7 per cent, TCS misplaced 6.60 per cent, Wipro fell by 5.52 per cent, Infosys declined 3.61 per cent, and HCL Tech dropped 2.99 per cent.
TCS has misplaced ₹75,798.93 crore in market valuation since final Friday, whereas Infosys confronted an erosion of ₹23,119.19 crore, Wipro’s market cap declined by ₹14,799.36 crore, that of HCL Tech (by ₹11,940.12 crore) and Tech Mahindra (by ₹10,729.9 crore).
Collectively, these 5 corporations have misplaced ₹1,36,387.5 crore in market valuation in 4 days.
“IT shares bore the brunt of the sell-off, with the Nifty IT index plunging greater than 6 per cent this week on visa issues. Frontline IT shares like Infosys, TCS, Wipro and HCL Tech traded deep within the crimson on Thursday,” Hariprasad Ok, Analysis Analyst and Founder – Livelong Wealth, mentioned.
Final week, the Trump administration introduced a one-time USD 1,00,000 payment on H-1B visas.
Notably, Indian tech professionals account for the majority of H-1Bs — over 70 per cent.
The 30-share BSE Sensex tanked 555.95 factors or 0.68 per cent to settle at 81,159.68. The 50-share NSE Nifty tumbled 166.05 factors or 0.66 per cent to 24,890.85.
