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 Rs. 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.