IT stocks slip as Trump signs order to restrict H-1B visa use; TCS falls 1%

"Today I am signing an executive order to ensure that the federal government lives by a very simple rule. Hire American," Trump said.

Shares of information technology (IT) companies traded in the negative territory on Tuesday after the US President Donald Trump signed an executive order restricting federal agencies from contracting or subcontracting foreign workers, hurting Indian IT professionals who work in the US on the H-1B visa.

At 09:38 am, the Nifty IT index was 0.73 per cent lower at 17,834.70 levels, with 9 out of 10 constituents trading in the red. Among individual stocks, Larsen & Toubro Infotech slipped the most - down 2 per cent to Rs 2,441.60. Next on the list were Tech Mahindra (down over 1.5 per cent),