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2h ago

Indian Stocks Slide as Trump’s $100,000 H‑1B Fee Batters IT Shares

A White House clarification that the charge targets only new applicants offered limited relief to a market turning defensive.

U.S. dollar banknotes are seen in this illustration taken March 19, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
While the Fed balances a weakening labor market and stubborn inflation, investors are cheering the prospect of a rate-cutting cycle.
The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger/File Photo

Overview

  • The Sensex fell 466 points to 82,159.97 and the Nifty dropped 124.70 to 25,202.35 as investors rotated away from export‑facing tech.
  • The BSE IT index sank about 2.7%, with TCS and Infosys down more than 2.5% and Tech Mahindra off roughly 3% at the close.
  • Business Today estimated nearly ₹84,000 crore in market value was erased across leading IT names on worries about higher staffing costs and margins.
  • U.S. officials said the $100,000 H‑1B charge is a one‑time fee for new applications starting with the next lottery cycle and does not apply to renewals or returning visa holders.
  • GST rate cuts that took effect supported select consumption plays as power and some Adani group stocks advanced, while U.S. futures eased with traders watching Federal Reserve remarks and key inflation data.