IT Stocks Fall on H-1B Visa Fee Hike Concerns

New Delhi, Sep 24 (PTI) IT stocks fell for the third day in a row on Wednesday as the steep hike in US H-1B visa fees continues to dent investor sentiment.

Mastek Ltd shares fell by 3.42 per cent, Infobeans Technologies dropped 3.41 per cent, Wipro by 2.06 per cent, Tech Mahindra by 1.30 per cent, Tata Consultancy Services by 0.86 per cent and Infosys by 0.24 per cent on the BSE.

The BSE IT index dipped 0.69 per cent to 34,529.91.

Last week, the Trump administration announced a one-time USD 1,00,000 fee on H-1B visas.

Notably, Indian tech professionals account for the bulk of H-1Bs -- over 70 per cent.

"IT stocks underperformed due to H-1B fee hikes," Vinod Nair, Head of Research, Geojit Investments Limited, said.

In the equity market, the 30-share BSE Sensex dropped 386.47 points or 0.47 per cent to end at 81,715.63. The 50-share NSE Nifty declined 112.60 points or 0.45 per cent to 25,056.90.

"Market sentiments were weighed down by continued concerns over US visa policy changes and persistent FII selling," Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.