Indian IT stocks trading as American Depositary Receipts (ADRs) were under pressure in US markets on Thursday (October 8), with Wipro ADR falling 2.4% to $1.63 and Infosys ADR at $10.27, after the US Labour Department suspended several technology companies from the Permanent Labour Certification (PERM) programme.
The companies suspended from the programme include Infosys, Tata Consultancy Services (TCS), Wipro, HCL Technologies, Cognizant and Capgemini. The action followed a White House statement on the immigration programme.
Wipro ADR fell $0.04, or 2.40%, to $1.63, while Infosys ADR was quoted at $10.27. Also, the GIFT Nifty was trading 28.50 points, or 0.13%, lower at 20:54 IST on Thursday.
ALSO READ | IT stocks rally on AI optimism; Persistent Systems, Wipro, TCS among top gainers
The US Department of Labour also suspended Microsoft and Adobe amid multiple federal investigations.
Secretary Keith Sonderling said, “I am hereby suspending from the Permanent Labour Certification Program some of the largest IT outsourcing firms in the world — Cognizant, Infosys, Tata, Wipro, HCL, and Capgemini — and also, due to multiple active federal investigations, the US Department of Labour is suspending Microsoft and Adobe from the program.”
ALSO READ | Stock Market Crash: Six big shocks for Indian markets since 2000 and how long recovery took