 "TCS, Infosys face heat over US probe on visa violation")
Shares of TCS and Infosys have slipped 2% and 1% respectively after reports suggest that the US government has opened an investigation against two of the Indian IT outsourcing companies for possible violations of H1-B visa rules.
According to New York Times, the department of Labor has opened a probe in two India-based outsourcing companies for possible violations of rules pertaining to visas for foreign technology workers under contracts with an electric utility firm namely Southern California Edison. CLICK FOR FULL REPORT
The power company recently laid off more than 500 technology workers.
Among other shares , NIIT Tech, 8K Miles, Tech Mahindra, Zensar Tech, Sasken Communication, Financial Tech, Ramco Systems, KPIT Tech, HCL Tech, Mindtree, Wipro, Geometric have slipped up to 4% on caution following the reports.
Infosys opened at Rs 2,002 and touched a low of Rs 1,961 on the BSE. Meanwhile, TCS opened at Rs 2,574 and touched a low of Rs 2,507 on the BSE.