Infosys and Wipro shares can’t trade on Saturdays in India—ADR volatility abroad fueled investor panic over H-1B visa news.
MUMBAI: Social media was abuzz on Saturday as netizens noticed chatter about Infosys, Wipro, TCS, and Cognizant stocks falling sharply, all linked to the latest H-1B visa fee announcement in the United States. The only catch? Indian markets were closed.
Confusion spread when investors saw reports of these IT giants trading “in the red” despite both the BSE and NSE being shut for the weekend. Many wondered if Indian exchanges had quietly introduced Saturday trading or if online portals were misreporting numbers.
The reality was far simpler. The stock moves being discussed were not from Mumbai but from New York. Infosys, Wipro, and other Indian tech majors have American Depositary Receipts (ADRs) listed on US exchanges, which continued to trade on Friday evening (US time). Those ADRs reflected investor anxiety over President Donald Trump’s sudden proclamation of a $100,000 annual H-1B visa fee.
Since Indian IT firms are among the largest beneficiaries of the H-1B programme, sentiment in US markets quickly turned negative, sparking a sell-off in their overseas-listed instruments. That downturn triggered speculation back home, with many investors bracing for potential losses once Indian markets open on Monday.
Analysts note that the knee-jerk reaction in ADRs highlights how sensitive IT stocks remain to US visa policy changes. With India accounting for over 70 percent of H-1B approvals, the new fee structure has left both professionals and companies unsettled.
While Indian investors had no trading window to respond on Saturday, experts expect volatility at the opening bell next week as domestic markets catch up with the global mood.
(This article is published under a mutual content partnership arrangement between The Brew News and The Free Press Journal)
