Indian IT Stocks Under Pressure: Infosys, Wipro ADRs Fall After US Suspends Major Firms From Immigration Programme
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- ✓Infosys and Wipro ADRs fell in US trading on Thursday after the US Labour Department suspended PERM processing for major IT firms.
- ✓The department said it was suspending some of the world's largest IT outsourcing companies from the programme.
- ✓This move creates uncertainty for Indian firms regarding long-term workforce planning.
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- MARKET
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- NDTV Profit
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- 3 Minute(s)
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- India Economy
Infosys and Wipro American Depositary Receipts (ADRs) fell in US trading on Thursday after the US Labour Department suspended PERM processing for several major IT companies, including Cognizant, Infosys, Tata, Wipro, HCL and Capgemini. Wipro ADRs fell 2.4% to $1.63 as of 10:46 a.m., while Infosys ADRs declined 3.13% to $10.14. Cognizant Technology Solutions shares also fell 3.08% to $54.70.
The US Department of Labour said it was suspending the companies from the Permanent Labour Certification Programme, or PERM, amid investigations and allegations of fraud. US Labour Secretary Keith Sonderling said the department was suspending some of the world's largest IT outsourcing companies from the programme.
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