Tech Mahindra, HCL Tech, Infosys 'Affected' After Trump's Executive Order on H1-B; Will It Impact Employees? 

Hours after US President Donald Trump signed an executive order preventing federal agencies from contracting or subcontracting foreign workers from hiring, few top IT companies were affected the most.

It was the IT stocks that were among the top losers after Trump's announcement. As per Business Today report, shares of Tech Mahindra (3.18 percent), HCL Tech (2.15 percent) and Infosys (1.29 percent) were the top losers on Sensex. 

TCS share too fell 1.11 percent to Rs. 2,226 intra day against previous close of Rs. 2,251 on BSE Sensex. Meanwhile, on an intra day basis, Tech Mahindra share slipped 3.29 percent to Rs. 651.4 against previous of Rs. 673.55 on BSE, Business Today further reported.

Getting other details and facts, share price of HCL Technologies has lost 2.69 percent intra day to Rs 687.05 against previous close of Rs 706.05. While, IT major Infosys stock plunged 1.70 percent to Rs. 941.05 against previous close of Rs 957.35 on BSE. 

Amid all the highs and lows, Nifty IT index was trading 1.20 percent or 215 points lower at 17,759 and intra day, it fell 1.38 percent to 17,716, Business Today stated.

Highlighting about Trump's sudden move, this new executive order came a month after the Trump administration on June 23 suspended H-1B visas along with other types of foreign work visas until the end of 2020 to protect American workers in a crucial election year. Currently, the new restrictions took effect from June 24.

This H1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.