Infosys and Wipro US shares slide after perm suspension
Infosys and Wipro's U.S.-listed shares slid nearly 3% on October 8, right after the US government blocked them from the PERM labor certification program called PERM.
This program is a key step for employers seeking permanent residency for foreign workers, including those on H-1B visas, so the move hit these Indian IT giants hard:
Infosys was trading at $10.26 (down 2.8%) and Wipro was trading at $1.63 (down 2.5%).
JD Vance cites H-1B misuse concerns
US Vice President JD Vance announced the suspension for Infosys, Wipro, Microsoft, and others on October 8, citing concerns that tech firms were overusing the system instead of hiring Americans.
JD Vance said the goal was to create jobs for Americans, while also acknowledging Microsoft's importance as a company.
This shake-up is part of a bigger investigation into alleged misuse of H-1B visas and comes as the US looks to tighten immigration rules and prioritize local workers, meaning it could get tougher for international tech talent aiming to build careers in America.