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Infosys and Wipro ADRs fall about 3% after US suspends visa-linked program
The US Labour Department said firms including Cognizant, Tata, HCL Tech and Capgemini were also suspended from the Permanent Labour Certification Programme used for green card applications tied to H-1B workers.
Infosys and Wipro ADRs dropped around 3% each after the Trump administration suspended major IT outsourcing firms from the Permanent Labour Certification Programme, which allows companies to apply for green cards for H-1B visa workers, according to LiveMint Markets.
The same suspension list included Tata and HCL Tech, plus US-based firms with a large presence in India, such as Cognizant, Capgemini, Microsoft and Adobe, and it was announced by US Labour Secretary Keith Sonderling with Vice President JD Vance present.
LiveMint Markets said the Labour Secretary stated the suspension applied to firms including Cognizant, Infosys, Tata, Wipro, HCL and Capgemini.
The outlet added that India’s IT sector, which generates about 57% of its revenue from the US, has relied on US work visa programmes and outsourcing, and that about 57,000 new H-1B visas were approved.