Shares of Indian IT companies fall on US proposal to curb H-1B visas

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Shares of Indian information technology (IT) companies fell on Wednesday after two US senators introduced a legislation to cut by a fifth the number of H-1B visas issued to skilled workers such as IT professionals.

“The impact on the Indian IT companies could be significantly detrimental,” said Sanchit Vir Gogia, CEO of Greyhound Research. “How likely is it for an Indian worker to be the ‘highest wage earner’ among others? This just makes the whole process complex and increases the cost of application, which in turn would affect the margins, and hence the profitability.”

Source: LiveMint

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