India's IT stocks extend slide as US proposes new H-1B visa selection process

Coforge

24/09/2025 05:40

** India's information technology stocks .NIFTYIT fell 1% to a two-week low of 34,877.15 points

** The Nifty IT index set for fourth straight session of losses; down 4.7% this week

** U.S. aims to rework H-1B visa selection process to favour higher-skilled and better-paid workers, following White House's earlier proclamation imposing $100,000 fees for new H-1B applications

** New process to change existing lottery process to give heavier weight to applications by employers paying high wages if annual visa requests exceed 85,000 limit

** Coforge COFO.NS and Tech Mahindra TEML.NS biggest losers on IT index, down 1.7% each

** TCS TCS.NS and Infosys INFY.NS down 0.5% each

** The proposal could particularly hurt fresher hiring, with startups and Indian IT firms seen most impacted, says ICICI Securities

** Brokerage believes Indian IT companies will partially mitigate it through offshore hiring, local hiring and near shoring

 (Reporting by Vivek Kumar M)

 ((VivekKumar.M@thomsonreuters.com;))