INFOSYS, WIPRO AND HCL TECH COMPANY STOCKS UNDER PRESSURE! HOW WILL IT AFFECT THESE COMPANIES?- REPORT

Most of the IT stocks have come under pressure on June 23 after the US government temporarily suspended issuing H-1B visas. Donald Trump, President of United States issued a proclamation that states that H-1B visas and other foreign work visas will be suspended for the rest of the year. 

He cited that this was important to secure jobs of millions of Americans who lost their jobs due to COVID19. The order will come into effect from June 24 and is likely to have a huge impact on various IT professionals, several American as well as Indian companies who received these visas by the US government for the fiscal year 2021 starting from October 1. 

HCL Tech’s stocks declined by 0.46%. The stocks of Infosys and TCS saw a fall in the percentage change. It stood at –1.04% and –0.24% respectively. 

“The American Depository Receipt (ADRs) of Infosys and TCS ended 0.11 percent and 1.52 percent lower respectively in yesterday's trading session on Wall Street,” Times Now cited in its report. 

Contrary to the stock ratings, some experts think IT companies will not be subjected to pressure due to the order since most of them are working from home at present and the step will also encourage companies to hire more locally.