Technology IT, Persistent, and Mahindra stocks drop as much as 6%.

In response to the recent H-1B visa developments, the shares of India's IT companies, including Persistent Systems, Tech Mahindra, LTIMindtree, Mphasis, and Coforge, as well as other largecap IT names like TCS, Infosys, and HCLTech, dropped between 3% and 6% on Monday, September 22. The new $1,000,000 visa cost for H-1B applicants is only relevant to new applications; it does not apply to those who have already petitioned for the same before September 21 or to those who plan to renew their visas, according to a series of clarifications released by the White House on Sunday night.