Indian IT stocks fall for 5th day, wipe out ₹1.91 lakh crore
Indian IT stocks have dropped for the fifth day in a row this Friday, with big names like TCS and Wipro feeling the pressure.
The fall comes after the US announced a hefty one-time $100,000 H-1B visa fee and slapped a 100% tariff on branded pharmaceuticals.
Accenture's cautious outlook didn't help either, pushing the BSE IT index down by 2.41% to 33,327.
Sensex, Nifty dip nearly 1%
If you follow tech or invest in stocks, this is huge: Tech Mahindra tumbled 9.4%, TCS fell 8.5%, and Wipro dropped nearly 8%—wiping out ₹1.91 lakh crore in market value just this week.
Even Sensex and Nifty weren't spared, both dipping close to 1%.
It's a reminder of how global policies can shake up markets back home.
US visa fee hike, Accenture's cautious outlook weigh on IT
The US's new $100k H-1B visa fee hits Indian IT hard since over 70% of these visas go to Indian professionals—making it pricier for companies to send talent abroad.
Add Accenture's slower growth forecast and job cuts into the mix, and there's real worry about where IT spending is headed next year.