Technology stocks were under selling pressure on Friday after US President Donald Trump administration said it is planning major changes in the H-1B visas.
HCL Technologies, Infosys, Tech Mahindra and TCS shares declined 2-5 percent followed by Tata Elxsi and Wipro with a percent loss. Mindtree (down 9.7 percent) was the biggest loser amongst them, also because of brokerages slashed target price on the stock after Q2 earnings.
The Nifty IT index itself fell nearly 3 percent.
The Trump administration has said it is planning to "revise" the definition of employment and specialty occupations under the H-1B visas by January, a move which will have an adverse impact on Indian IT companies in the US and small and medium-sized contractual firms mostly owned by Indian-Americans.
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