INDIA STOCKS-India stock benchmarks fall as IT firms slip on US visa fee

Sept 22 (Reuters) - India's equity benchmarks fell at the open on Monday, dragged by information technology stocks after the U.S. introduced a new $100,000 fee for new H-1B visa applications.

The Nifty 50 .NSEI lost 0.35% to 25,238.1 and the BSE Sensex .BSESN slid 0.58% to 82,151.07, as of 9:15 a.m. IST.

Eleven of the 16 major sectors logged losses. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 traded flat.

The IT index .NIFTYIT tumbled 3.1%, leading the sectoral losses.

U.S. President Donald Trump announced on Friday that companies would now be required to pay higher fees for H-1B worker visas. Last year, 71% of the approved H-1B beneficiaries were Indians.

India's $283 billion IT sector, which generates about 57% of its total revenue from the U.S., has long gained from American work visa programmes and outsourcing of software and business services.

According to Jefferies, IT firms are likely to move away from H-1B visas, as the new $100,000 fees threaten to wipe out five to six years of an employee's operating profit.