IT stocks slumped on Tuesday on worries of stricter H-1B visa rules after a reform Bill was introduced in the U.S. House of Representatives.
The new legislation calls for more than doubling minimum salary of H-1B holders to $130,000, which will make it difficult for Indian firms to send workers under the visa.
Software exporters Tata Consultancy Services and Infosys slumped by 4.6 % and 3.6 %, respectively. Other IT majors including Tech Mahindra and HCL Technologies were down by nearly 5%.
The Bill was unveiled amid a rollout of U.S.President Donald Trump's directive to ban refugees into the country, raising concerns about a more restrictive immigration policy
