Shares of Indian software exporters are on track for their most significant decline in nearly six months, largely due to a substantial increase in H-1B visa fees, which has negatively impacted their earnings outlook. A benchmark for information technology stocks on the National Stock Exchange of India Ltd dropped 5.6% this week through Thursday, marking the steepest fall since early April. This decline has pushed the year-to-date losses for the sector to 20%, positioning it as the worst-performing major sectoral index on the NSE.
The steep $100,000 visa application fee proposed by U.S. President Donald Trump has intensified challenges for India’s $280 billion software services sector, which is already facing IT budget cuts and increased geopolitical instability. Many of these companies rely on the H-1B visa program to deploy engineers for projects with overseas clients.
The Nifty IT Index, which comprises ten major members, has collectively lost over $21 billion in market value this week, driven primarily by significant declines in shares of leading firms such as Tata Consultancy Services Ltd and Infosys Ltd.
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Published on September 26, 2025.
