In H-1B Visa Impact, Top 5 Indian IT Firms Lose 50,000 Crores In Market Value

  In one brutal hour, shares of Indian IT companies crashed today, wiping out over  50,000 crore in the market value of top companies, after a bill was introduced in the US House of Representatives calling for more than doubling the minimum salary of H-1B visa holders to $130,000, from the current $60,000. A sharp rise in minimum salary will make it difficult for Indian



IT companies to hire employees on H-1B visas to work on projects in the US, which contributes around 60 per cent of the export revenues of the Indian IT sector.

Indian companies have been hiring more US citizens in anticipation of H-1B visa curbs. But employing more US citizens will significantly raise the cost for Indian outsourcers, thus impacting their margins and overall profit.