Brief by Shorts91 Newsdesk / 04:36am on 22 Sep 2025,Monday Business
Indian IT stocks plummeted up to 6% on Monday following H-1B visa turmoil. Tech Mahindra led losses, opening 6% lower at Rs 1,499 from previous close of Rs 1,533. The selloff followed Trump administration's proclamation hiking H-1B visa fees to $100,000 with one-day deadline, causing panic among visa holders. However, clarification emerged that this applies only to new applicants as one-time payment, not renewals or existing holders. Nifty IT fell 2.54% to 35,648 by 9:30 AM, with all 10 sectoral stocks declining. Major losers included Persistent Systems, LTI Mindtree, and Mphasis. Analysts expect knee-jerk reactions but note reduced H-1B dependence could provide relief for IT companies.
