NEW DELHI: Indian IT stocks went into a tailspin, with the largest player TCS tanking nearly 5 per cent within minutes after the US House of Representatives took up the new H1-B bill, which seeks to raise costs for companies that deploy overseas employees to work in the US.H-1B visas are largely used by Indian IT companies to send their employees to work in offshore locations in the US. The Bill seeks to double the minimum wages for such employees to $130,000 per annum from $60,000 at present.The High-Skilled Integrity and Fairness Act of 2017, introduced by California Congressman Zoe Lofgren, prioritises market-based allocation of visas to those companies willing to pay 200 per cent of a wage calculated by survey.It eliminates the category of lowest pay and raises the salary level at which H-1B dependent employer are exempt from non displacement and recruitment attestation requirements to greater than $130,000, said a PTI report."If there is visa restriction in the US, it will help us bringing back jobs to India, which is good for IT companies because margins are higher. Hence, investors should try and add IT companies on dips," K Sandeep Nayak, ED & CEO at Centrum Broking told ETmarkets.com last week.Following the development, the BSE IT index cracked 4 per cent to 9,498. At 12.30 pm, Infosys, the second largest IT firm, declined 3 per cent to Rs 919.95, while shares of HCL Technologies were trading 4.85 per cent lower at Rs 799. TCS, the largest IT player by sales, saw its stock tumble 4.61 per cent to Rs 2,226.50.Tech Mahindra slumped 4.12 per cent to Rs 452.25, while IT midcaps Mastek and MphasiS fell 4 per cent each. Wipro slumped 2.89 per cent to Rs 451.20.“Business will not be lost, but there could be incremental cost and an incremental impact on the margins of IT firms,” Mahesh Nandurkar, India Strategist, CLSA, told ET NOW last week.Ajay Bodke, CEO & Chief Portfolio Manager, PMS, at Prabhudas Lilladher, says global markets are underestimating geopolitical risks that Trump administration's first 100-day policies could unleash.“The unleashing of rising tariffs and falling currencies war has the potential to cause major asset dislocation and flutter in the seemingly sanguine global asset markets," he said.>> Double minimum salary of H-1B visa holders to $130,000>> Prioritise market-based quota of H1B visas to firms willing to pay 200% of a fixed wage>> Raise salary level at which H-1B dependent employers are exempt from non-displacement and recruitment attestation requirements to greater than $130,000>> Sets aside 20% of H-1B visa quotas for small and start-up employers (50 or fewer employees)>> Removes visa hurdles for students and other temporary visa holders by building a bridge from F-1 student status to lawful permanent residence>> Removes paperwork burdens by streamlining H-1B filing requirements and reducing administrative costs>> Tightens employee protection by stipulating that employers may not reduce beneficiary wages