Infosys, Tata Hit by U.S. Proposal to Restrict Skilled Visas
This article is for subscribers only.
A bill being proposed in U.S. Congress aimed at limiting the outsourcing of jobs and reform the country’s high-skilled immigration program is weighing on Indian IT consulting and software stocks.
Tata Consultancy Services Ltd. fell as much as 3.3 percent, the most since Nov. 9, while Infosys Ltd. shares fell as much as 2.8 percent to their lowest intraday price since Dec. 12. Tech Mahindra Ltd. fell 4.5 percent. The Sensex Index was mostly unchanged. The bill is designed to make it harder for companies in the U.S. to bring in skilled workers from abroad to fill high-tech jobs.