NEW DELHI — The shares of top Indian IT companies sank Tuesday in response to news of proposed U.S. legislation that would require salaries for H-1B visa holders to be doubled. The aim: to make it harder for companies to replace American workers with those from countries like India.
By late afternoon shares of all the main IT companies, like Infosys, Wipro and Tata Consultancy Services, had fallen 2-4 percent on the Bombay Stock Exchange. The IT sub-index on the exchange, which comprises all the tech firms trading on the stock exchange, shed more than 3 percent. […]
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