Indian IT companies' stock falls 9% over US visa concerns
IT companies' shares plunged by around 9% on Tuesday amid concerns that new US bill aimed at overhauling work visa programme will adversely impact Indian technology firms. Notably, a legislation was introduced, which calls for doubling minimum salary of H-1B visa holders to $130,000 (₹88 lakh). This will make it difficult for firms to replace US employees with foreign workers.