Dec 13, 2016 06:04 AM EST

US President-Elect Donald Trump Promises End To 'Misuse' Of US Visa Schemes: Indian IT Sector Stocks Drop; Other Indian Companies Also Affected

By JC Santos

US President-Elect Donald Trump might make good on his immigration promises on Visa implementations that could directly affect Indian companies. Without specifically mentioning any country or recruitment organization, in an Iowa rally on Thursday he said that after he spent time talking to American workers who trained foreign workers before being laid off, he would not "let it happen." He said that he would promise to "end the misue" of US Visa programs by companies that "undercut American workers."

According to The Hindu, the US President-Elect said American workers get laid off and never get their severance pay unless they use 30 days to train people meant to replace them. He said it was "demeaning, maybe more than anything else" for the American workers. The news website mentioned that the Disney World Incident -- which laid off 250 American workers and worked with recruiting partners HCL and Cognizant to replace them with foreign workers -- is one such alleged "misues" the President-Elect might have talked about.

According to The Indian Express, shares of Indian Information Technology firms dropped after Trump's statements. The news website cited Institutional Sales Trader for Paterson Securities Sangeeth V. who said "Trump's comments on H1B visas have impacted investor sentiments. The website additionally said that the Nifty IT index had gone down by 1.51 per cent after the Thursday sentiments alone.

In his statement, US President-Elect Donald Trump also said that his administration would only "buy American, hire American." Trump said that despite Visa restrictions, people can still "come to this country legally" but analysts view this as a message they they could only visit as tourists but never really benefit from US employment.

Many voters believe that US President-Elect Donald Trump can deliver on his promises. Both Democratic and Republic party members have criticized his plans in office -- including a tax plan that could undermine the middle class who believe it could benefit them.

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