Infosys, Wipro ADRs drop 3% as Cognizant, Infosys, TCS, Wipro, HCL among IT firms suspended from US green card programme

The US administration suspended major IT outsourcing firms including Infosys, Wipro, TCS (Tata), HCL Tech, Cognizant, and Capgemini from the Permanent Labour Certification Programme that allows companies to seek green cards for H-1B workers. ADRs of Infosys and Wipro dropped around 3% each in response to the announcement. India's $300 billion IT sector derives about 57% of its revenue from the US, making visa and immigration policy a critical risk factor for the industry.