Indian IT stocks fall on US visa concerns

India's Nifty IT index .NIFTYIT falls 2.89% to 35,521.85 points, top sectoral loser

U.S. President Donald Trump imposed a $100,000 fee on new H-1B visa applications; last year, 71% of approved H-1B beneficiaries were Indians

9 of the 10 members of the index fall between 1% and 5%

CLSA says move to have a "limited negative impact" on Indian IT firms

Sees up to a 6% hit to FY27 earnings of IT firms, assuming the entire burden of fresh applications is borne by them and number of applications is similar to last three years' average

CLSA says second-heaviest stock Tata Consultancy Services TCS.NS to see the lowest impact at 1% hit to FY27 earnings

TCS down 3.03%, heaviest stock Infosys INFY.NS down 2.8%

Mphasis MBFL.NS sheds 4.5%, Persistent Systems PERS.NS and LTIMindtree LTIM.NS down ~4%

CLSA sees highest impact to LTIM and PERS, with 6% hit to FY27 earnings

NIFTYIT set for worst day since early-April when Trump's reciprocal tariffs triggered a broad-based global sell-off