Share price of IT firms Infosys, TCS, Tech Mahindra and HCL Tech were the top Sensex losers today after US temporarily suspended employment-based visas. Trump administration has suspended and limited the entry into the US of H-1B, H-2B, and L visa-holders and their dependents till December 31, 2020.
Infosys share price lost over 1% to Rs 692.30 against previous close of Rs 703.65. Share price of HCL Tech fell nearly 1% to Rs 563.65 against previous close of Rs 569.55 on BSE.
Share price of TCS was down 0.88% to Rs 2010 against earlier close of Rs 2028. Share price of another IT major Tech Mahindra declined 0.92% to Rs 543.50 intra day.
Nifty IT index was down 0.16% to 14,440.
The visa suspension move aims to provide jobs to millions of US citizens who have lost their jobs amid the Covid-19 pandemic. Trump's decision is aimed to free up to 5,25,000 jobs in the US.
However, large number of Indian IT professionals and several Indian as well as US firms who were issued H-1B visa for the fiscal year 2021 beginning October 1 are likely to be affected by the visa suspension decision.
Meanwhile, Sensex was trading 127 points higher at 35,039 in early trade and Nifty rose 50 points to 10,362.
By Aseem Thapliyal