Infosys, Wipro ADRs fall after US PERM suspension
In short
Infosys and Wipro ADRs fell in US markets on Thursday, October 8. CNBC TV18 said Wipro ADR dropped 2.4% to $1.63 and Infosys ADR was at $10.27 after the US Department of Labour suspended several IT firms from the PERM programme.
The move could affect investor sentiment toward Indian IT stocks. The reporting does not say how long the suspension lasts or what it means for hiring or business.
What the reporting says
Infosys and Wipro ADRs fell in US trading on Thursday, October 8, after the US Department of Labour suspended Infosys, TCS, Wipro, HCL Technologies, Cognizant and Capgemini from the PERM programme. CNBC TV18 reported Wipro ADR down 2.4% to $1.63 and Infosys ADR at $10.27. The reporting does not say how long the suspension will last or what operational effect it may have on the firms.
Why it matters
Infosys and Wipro ADRs traded lower in US markets on Thursday, October 8, after the US Department of Labour suspended Infosys, TCS, Wipro, HCL Technologies, Cognizant and Capgemini from the PERM programme. CNBC TV18 reported Wipro ADR at $1.63, down 2.4%, and Infosys ADR at $10.27. The immediate effect is negative sentiment for Indian IT counters, but the broader business impact is not stated.