US President Donald Trump’s latest move will hit Indian IT services firms the hardest, as they are among the largest users of H-1B visas. (File Photo: AP)

Infosys, Wipro ADRs Fall: Indian IT stocks with significant exposure to the US market came under heavy pressure after President Donald Trump signed a proclamation on Friday imposing a staggering $100,000 annual fee on H-1B visas. The move, part of the administration’s broader immigration overhaul, is set to make it costlier for American firms to hire Indian technology professionals.

Infosys ADRs dropped as much as 4.5% in Friday’s trade, while Wipro slid 3.4%. Other leading users of the H-1B programme also lost ground, with Cognizant Technology down 4.3% and consulting giant Accenture slipping 1.3%.

The White House proclamation restricts the entry of foreign nationals under the H-1B category — used to employ skilled professionals in specialised occupations — unless a USD 100,000 payment accompanies each petition. Employers will now be required to retain proof of payment, which will be verified by the Secretary of State during the visa process.

Announcing the move at the Oval Office, Trump said the hefty fee would ensure that only the “very highly skilled” are brought into the country and would prevent companies from replacing American workers with cheaper foreign talent. “We need workers. We need great workers, and this pretty much ensures that that’s what’s going to happen,” the President remarked while signing the proclamation in the presence of Commerce Secretary Howard Lutnick.

Lutnick added that the measure would raise more than $100 billion for the US Treasury, with funds earmarked for tax cuts and debt reduction. “Either the person is very valuable to the company and America, or they’re going to depart and the company is going to hire an American. That’s the point of immigration — hire Americans and make sure the people coming in are the top, top people,” he said.

The latest move will hit Indian IT services firms the hardest, as they are among the largest users of H-1B visas. The programme, which allows employment in the US for three years with a possible three-year extension, has long been a key gateway for Indian technology workers. With Indian nationals already facing a decades-long backlog for permanent residency, the new annual cost raises doubts over the continued viability of companies sponsoring such workers.

The proclamation was accompanied by the unveiling of a new “Gold Card” visa, which offers a fast-track path to US residency for foreigners of “extraordinary ability” willing to invest $1–2 million into the US Treasury.

While the Trump administration insists the fee hike will protect American jobs and elevate talent standards, markets signaled fears that the measure could disrupt global IT outsourcing models. Investors punished stocks of Indian IT majors, reflecting concerns that companies may scale back hiring of Indian professionals in the US or pass on costs to clients.