As per the reports, the cutbacks were probably to be higher this year than usual. The news has come at a time when national IT majors are refurbishing to cope with tighter laws related to H-B1 visas in US, and gearing up to inculcate emerging technologies. This move comes in the aftermath of a sharp recognition in the rupee post US Fed meet.
Domestic IT firms have been dependent on the work visa, but snow they are trying to adjust their business models to minimise their dependency on visas.
The second largest IT firm, Infosys’ stocks dropped by 1.96% to hit the low of Rs 1,020 on Sensex in Monday's trading session; whereas the stocks of TCS tanked by 1.54% to Rs 2,486.90 on BSE, and Wipro dropped by 1.24% to Rs 498.
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