OFSS and Top IT Stocks Fall Amid Oracle Debt Pressure and H-1B Fee Extension
· Business · Economic Times
Shares of Oracle Financial Services Software fell more than 7% on Monday, while major Indian IT firms including Wipro, Coforge, and Infosys dropped up to 2%. The market drag follows reports that approximately $18 billion in loans tied to an Oracle-leased data centre in New Mexico have come under pressure, with syndicate banks quoting them at 89 to 91 cents on the dollar. Local opposition to the 1,400-acre Project Jupiter campus in Dona Ana County has raised concerns over potential delays to Oracle's artificial intelligence infrastructure expansion. Additionally, IT stocks faced pressure after US President Donald Trump extended a $100,000 fee on employers bringing in foreign workers on H-1B visas by another year. The White House stated that the fee previously led to a 92% decrease in H-1B registrations by large IT outsourcing firms.
Why it matters
The slump directly impacts Indian IT service providers and investors exposed to US tech spending and visa policies, reflecting broader market vulnerability to foreign regulatory changes and infrastructure debt concerns.
Read the original report — Economic Times
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