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US green card freeze hits eight firms as Indian IT shares rebound

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Editor's note: This is a fresh development in a story covered earlier.

The US green card freeze now covers eight companies, including TCS, Infosys, Wipro and HCL Technologies. US Labor Secretary Keith Sonderling announced their suspension from the PERM labour certification programme. Indian IT shares still rose on Friday, India Today reported.

US green card freeze: data graphic of key reported figures
US green card freeze: IT share moves on 9 Oct (%). Graphic: TrendDesh, built from India Today figures.

What the US green card freeze covers

The Labor Department said it will not accept new or process pending PERM applications for these firms. The Indian Express reported that existing H-1B visas are not automatically cancelled. Workers near the six-year H-1B limit could face delays, the Economic Times said.

Key Facts

  • 8 firms suspended from PERM
  • Includes TCS, Infosys, Wipro, HCL, Cognizant, Capgemini, Microsoft, Adobe
  • Existing H-1B visas not automatically cancelled
  • TCS +4.62%, Infosys +3.12%, Wipro +3.31% on 9 Oct

“We will not accept any new or process pending permanent labour certification applications involving these companies.”

— US Labor Secretary Keith Sonderling, as quoted by ET Now

Industry response

Nasscom said firms had sharply cut their dependence on H-1B visas and expanded US hiring. The Indian Express cited this from Reuters. Relatively few workers move to permanent residency through PERM, Nasscom said.

Market reaction

India Today reported TCS shares rose 4.62%, Infosys 3.12% and Wipro 3.31%. Dip-buying and TCS’s quarterly results supported sentiment.

Why It Matters: The freeze could delay permanent residency for thousands of Indian professionals in the US.

Sources: The Indian Express · Hindustan Times · India Today · ET Now

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