H-1B Bill in the US +TCS slumped by as much as 4.47% +US President Donald Trump +NEW DELHI: IT stocks plunged over 4% on Tuesday, knocking off more than Rs 33,000 crore in market valuation of top five firms, after a newset off concerns that it will adversely impact hiring plans of Indian technology firms.to settle at Rs 2,229.90 on BSE. Intra-day, the stock had hit a low of Rs 2,206.55.Infosys lost 2.01% to close at Rs 905. During the day, it had fallen to a low of Rs 905.Wipro came in at Rs 457.10, 1.62% lower than its previous close. "Hike in H-1B visa cost will have significant impact on the financials... as Indian companies are major users of H-1B visa though they form very less part of the overall workforce (around 11-15%)," Angel Broking said in a report. The technology companies go for it to hire tens of thousands of employees each year.

Source: Times of India January 31, 2017 13:13 UTC