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Investing.com -- Infosys (NYSE:INFY) stock fell as much as 4.5% on Friday following reports that President Donald Trump is expected to sign a proclamation requiring a $100,000 fee for H-1B visa applications, in a move aimed at curbing what the administration views as program abuse.
Other major users of the H-1B visa program also saw their shares decline, with Cognizant Technology (NASDAQ:CTSH) dropping 4.3% and Accenture (NYSE:ACN) falling 1.3%. The proposed fee represents a significant increase that could impact the business models of these companies, which rely heavily on the visa program to bring foreign workers to the United States.
According to Bloomberg News, citing a White House official familiar with the matter, Trump is expected to sign the proclamation as early as Friday. The measure would restrict entry under the H-1B program unless accompanied by the substantial payment, with the administration asserting that abuse of the visa pathway has displaced U.S. workers.
The H-1B visa program is widely used by large technology, consulting, and finance companies to employ skilled foreign workers, particularly in technical roles. Indian IT services companies like Infosys have historically been among the largest sponsors of such visas, using them to staff U.S.-based projects with workers from their home country.
This latest move comes as part of the Trump administration’s broader efforts to reform immigration policies, with a particular focus on employment-based visa programs that the administration believes have been exploited at the expense of American workers.
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