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The American Depositary Receipts (ADRs) of Infosys and Wipro slumped around 3% each in Thursday’s trade after US President Donald Trump’s administration suspended these firms from the Permanent Labour Certification Programme, which allows companies to apply for green cards for H-1B visa workers. Along with these two, other domestic tech firms such as Tata and HCL Tech, as well as US-based firms with a large presence in India, including Cognizant, Capgemini, Microsoft and Adobe, were also on the list. The announcement was made by US Labour Secretary Keith Sonderling, with Vice President JD Vance, the head of the US Anti-Fraud Task Force, by his side. “I am hereby suspending from the Permanent Labour Certification Programme some of the largest IT outsourcing firms in the world, Cognizant, Infosys, Tata, Wipro, HCL, and Capgemini,” Sonderling said. India’s $300 billion IT sector, which derives about 57% of its revenue from the US, has long benefited from US work visa programmes and the outsourcing of software and business services. In recent years, tech companies have reduced their dependence on H-1B visas through local hiring and nearshoring. Around 57,000 new H-1B visas were approved for Indians last year, down 28% from FY24. Last fiscal year, Indians received about half of the total new H-1B approvals, Mint reported. In September last year, the US raised the fee for H-1B visas to a whopping $100,000 annually for new applicants. Vice President JD Vance accused Microsoft of abusing a programme that essentially empowers American companies to recruit foreign workers for jobs that end up undercutting American workers. Vance said Microsoft laid off 6,000 American workers last year but also obtained 6,300 H-1B visas and nearly 3,000 green cards, AP reported. In a wide-ranging announcement on Thursday, Vance and other top administration officials also called out universities over their use of J-1 visas for international students and information technology outsourcing firms. The announcement came hours before Trump was scheduled to award the National Medal of Technology and Innovation to Microsoft CEO Satya Nadella, as part of an event at which he is granting some of the nation’s most prestigious science and technology awards to his tech billionaire allies. Vance said the programme from which Microsoft is being suspended requires companies to advertise jobs in America before applying to the Department of Labor to demonstrate that they need to give a foreign worker a green card because of a lack of American workers. The H-1B programme has long been a target of Trump supporters, who say the programme undercuts American workers and is rife with abuse. (With inputs from AP) Disclaimer: We advise investors to check with certified experts before making any investment decisions. Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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