IT stocks came under selling pressure on Friday, falling up to 5 per cent, following reports that US President Donald Trump is considering suspending a number of employment visas, including H-1B, in view of the massive unemployment in America due to the coronavirus pandemic.
HCL Infosystems dipped 4.96 per cent, Tech Mahindra 2.96 per cent, Wipro 2.26 per cent, Infosys 1.63 per cent and TCS 1.41 per cent on the BSE.
The BSE IT index also fell by 1.49 per cent.
"Except for IT, which was impacted by H-1B visa reports, all the other sectors traded positive," said Vinod Nair, head of research at Geojit Financial Services.
"Almost all the sectors ended in green, except IT, which was down 1.5 per cent. IT came under pressure on the back of a report that the US president is mulling suspension of H-1B visas," Siddhartha Khemka, head (retail research) at Motilal Oswal Financial Services Ltd, said.
The H-1B visa, the most sought-after among Indian IT firms, is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.
The technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.
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