FILE PHOTO: FILE PHOTO: People walk outside the National Stock Exchange (NSE) in Mumbai, India, October 22, 2024. REUTERS/Francis Mascarenhas/File Photo/File Photo
(Reuters) -Indian information technology majors saw their shares slump on Monday after U.S. President Donald Trump imposed a $100,000 fee on new H-1B visa applications, threatening to inflate costs and slow revenue growth in their biggest market.
The sector, which earns about 57% of its revenue from the U.S., has long gained from U.S. work visa programmes and the outsourcing of software and business services - a contentious issue for American job-seekers competing with cheaper Indian labour.
