India tech giant warns Trump’s ‘radical shift’ to hurt industry
The vice chairman at one of India’s largest technology services companies warned that U.S. President Donald Trump’s visa policies will damage the industry as his company reported weak earnings and his stock fell the most in almost two years. Tech Mahindra Ltd. said net income was 5.9 billion rupees ($91 million) in the fourth quarter, compared with the average analyst estimate of 7.8 billion, according to estimates compiled by Bloomberg. Shares fell as much as 17 percent and traded 12 percent lower at 1:18 p.m. local time, the largest intraday decline since May 2015. The U.S. is tightening the criteria for visa programs that Tech Mahindra and other outsourcing companies use to bring skilled foreign workers into the country. Trump and other politicians have criticized the programs for hurting American workers and allowing companies to use cheaper employees from abroad. “Trump’s America First agenda and focus on curbing the immigration, especially around H-1B visa policies, will