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Bombay Bomb: India IT Stocks Slip Amid Worries about Stricter Visas

NEW DELHI (AP) — The shares of top Indian IT companies are falling in response to news of proposed U.S. legislation that would require salaries for H-1B visa holders to be doubled
NEW DELHI

(AP) — The shares of top Indian IT companies are falling in response to news of proposed

U.S.

legislation that would require salaries for H-1B visa holders to be doubled to make it harder for companies to replace American workers with those from countries like

India

.

By late afternoon Tuesday shares of all the main IT companies, like Infosys, Wipro and Tata Consultancy Services, had all fallen 2-4 percent on the Bombay Stock Exchange.

photo attribute from the Congresswoman’s website

The High-Skilled Integrity and Fairness Act of 2017 introduced in the House of Representative by California Congresswoman Zoe Lofgren aims to end what it calls the “abuse” of the work visa program. If enacted it would raise the minimum salary for those applying for H1-B visas to $130,000 from the current $60,000.

Many of us economy-watchers have been expecting recession, though with significant differences on odds and timing. Regardless, recent banking developments just made recession more likely and may have accelerated its onset.
Many people think of position size in terms of how many shares they own of a particular stock. But it’s much smarter to think of it in terms of what percentage of your total capital is in a particular stock.