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Investing.com-- Indian software stocks fell on Monday after the U.S. government sharply raised fees for H-1B visa applications, stoking concerns over higher costs and operational disruptions for the country’s IT services sector.
The Nifty IT index dropped nearly 3%, lagging broader markets, which were largely steady.
Tech Mahindra (NSE:TEML) led declines by falling more than 4%, while Tata Consultancy Services (NSE:TCS) shares dropped 2.5%.
Wipro (NSE:WIPR) shares declined 2%, and Infosys stock dropped as much as 4%. HCL Technologies (NSE:HCLT) also shed 2%.
The Trump administration announced late last week that new H-1B visa applications will now carry a fee of $100,000, more than three times higher than previous levels.
Indian IT firms rely heavily on the visas to send engineers to the United States, their largest market, to service client projects.
The fee had initially stirred confusion after comments by Commerce Secretary Howard Lutnick suggested it might apply annually and also affect renewals.
The White House then clarified that the $100,000 is a one-time fee per petition for new H-1B visas, not a recurring annual cost. Existing holders will not be required to pay this under current rules.