The stocks of Indian IT companies crashed on the BSE and National Stock Exchange after US President Donald Trump's Administration tabled the H-1B legislation in the House of Representatives. On the BSE, the stock prices of IT companies fell up to 5% while on the NSE stocks fell by 6% before recovering. Trump's H-1B legislation seeks to double the minimum salary of H-1B visa holders to $130,000, making it difficult for firms to use the programme to replace American employees with foreign workers, including from India. This is more than double of the current H-1B minimum wage of $60,000 which was established in 1989 and since then has remained unchanged. To read more about Donald Trump's H-1B legislation, read here.

Source: dna January 31, 2017 08:38 UTC