Coforge, TCS, Wipro among 8 Nifty IT stocks down up to 10% amid US visa fee hike
Coforge, TCS, and Wipro saw significant declines in September, with the Nifty IT index dropping nearly 8% in its worst weekly performance since February. Investor sentiment weakened due to new H-1B visa fees and weak guidance from Accenture, raising concerns about prolonged sector challenges.
A Ksheerasagar
Published
29 Sep 2025, 06:54 PM IST
Coforge, TCS, Wipro among 8 Nifty IT stocks down up to 10% amid US visa fee hike
Coforge, TCS, Wipro among 8 Nifty IT stocks down up to 10% amid US visa fee hike(Pixabay)
Coforge, TCS, and Wipro are among the eight constituents of the Nifty IT index that have lost up to 10% of their value in September so far, with the majority of the decline occurring last week amid multiple headwinds that made these stocks unattractive to the Street and weighed on overall market sentiment.
Coforge emerged as the worst performer, falling 10% to ₹1,552 apiece, followed by Persistent Systems, TCS, and Tech Mahindra, which have dropped between 5% and 8.2%. Other stocks, including Mphasis, Wipro, HCL Technologies, and Infosys, also fell up to 4%.
AI Powered Guide To Investments By Stoxo
Click Here For 20 Free Queries
Also Read | Trump's H-1B visa fee hike: TCS, Infosys to Wipro — opportune to buy IT stocks
Despite the sharp declines across the sector, two stocks, Oracle Financial Services and LTIMindtree, remained in positive territory, posting gains of over 1%.
Nifty IT on track to post third monthly drop
The Nifty IT index extends its losing streak for the seventh consecutive session on Monday, September 29, though the decline was relatively modest compared to last week’s average daily drop of 1.62%. The index closed with a marginal dip of 0.03% at 33,693 points.
IT stocks emerged as the biggest casualties last week, with all constituents of the Nifty IT index losing over 5%, resulting in the index losing nearly 8%, its biggest weekly drop since February.
Also Read | IT stocks fall on Accenture Q4; Nifty IT dips 7.4% in 6 days on H-1B fee hike
The latest slide has dragged the index down 4.23% so far in September, making it one of the worst-performing sectoral indexes, and with the index likely to close the month in the red, it would mark the third consecutive decline.
Year-to-date, the index has lost 22.5%. If the pressure on tech stocks persists through year-end, this would mark the index’s first annual decline since 2022. Moreover, a drop of over 26% would represent its steepest yearly fall since 2008.
H-1B visa fee hike triggered a sharp crash
Investor sentiment turned cautious after the fee hike for new H-1B visas announced by the White House, which was further compounded by weak FY26 guidance from Accenture and mixed signals from US Federal Reserve officials on potential rate cuts, keeping the tech stocks under pressure throughout the week.