American Depository Receipts (ADRs) for Indian IT majors Infosys and Wipro fell nearly 3% in trade on October 8, after the US government suspended
Infosys' ADR was quoting $10.26, down 2.8% at 9 p.m. IST, while Wipro's ADRs were trading at $1.63, lower by 2.5%.
The United States on Thursday suspended several major technology companies from the PERM labour certification programme, a key step for employers seeking permanent residency for foreign workers, including those on H-1B visas.
US Vice President JD Vance announced the action against Microsoft, accusing the company of abusing the programme and calling for greater hiring of American workers. The US Labour Department said the suspension also covers major IT companies including Cognizant, Infosys, Tata, Wipro, HCL and Capgemini, as well as Adobe.
Vance said the decision followed an ongoing investigation and argued that companies benefiting from the US economy should do more to hire American workers.