IT stocks today fell on reports of US visa fee hike Bill.
Infosys was down 1.2 per cent, TCS fell 0.93 per cent and Tech Mahindra plunged 1.27 per cent.
IT stocks were the biggest drag on the NSE index and the BSE IT sub index was down 0.85 per cent.
US Congress is set to pass a Bill on Friday that will effectively double the fees for H1B and L1 visas to $4,000 and $4,500, according to media reports.
US is the biggest source of revenue for Indian IT sector.
IT is crucial for Indian exports. In total, the sector makes up more than a quarter of India’s international trade.