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Infosys, Tata stocks hit by US proposal to restrict skilled visas (Bloomberg)

January 06, 2017

A bill being proposed in US Congress aimed at limiting the outsourcing of jobs and reforming the country’s high-skilled immigration program is weighing on Indian IT consulting and software stocks, Bloomberg reports. Tata Consultancy Services Ltd. fell as much as 3.3%, the most since Nov. 9, while Infosys Ltd. shares fell as much as 2.8% to its lowest intraday price since Dec. 12. “With Trump talking during his campaign about changing immigration laws and curbing outsourcing of IT jobs, the timing of this reintroduced bill is worrying Indian IT Services industry a little more,” said Bimal Raj, a partner at Mumbai-based investment banking firm Singhi Advisors.