H-1B Visa Fees News: Coforge shares fall 4% despite saying issue will not materially impact business

Shares of Coforge Ltd. declined 4% in early trade on Monday, September 22, after the company said that over the years, it has reduced its reliance on new H-1B visas.

In the financial year 2025, Coforge said it filed only 65 new H-1B visa petitions, of which 63 were approved by the US Citizenship and Immigration Services.

Coforge said for financial year 2025, the US contributed 53% to its overall revenue. As of June 30, 2025, it had 24,187 employees.

"Over the years, the company has consciously reduced reliance on new H-1B petitions for project staffing, which is reflected in the low number of fresh petitions filed in FY25," it said in an exchange filing on Sunday, September 21.

The exchange filing came as a reply to the multiple queries the company received on the change in US regulation on new H-1B visa petitions.

US President Donald Trump has issued a proclamation making it mandatory for H-1B visa applicants to pay adeposit of $100,000, with effect from September 21. This is a steep rise from the previous application and processing fees which costed applicants a few thousand dollars. A senior US official clarified to CNBC-TV18 that the new regulations are applicable on new lottery petitions and do not affect previous H-1B holders.

Brokerage firm Jefferies has highlighted Coforge to be among the best placed within the midcap IT space to navigate this issue, while Nomura has highlighted the company to be among its top picks within the Midcap IT stocks.

Coforge shares were down 4.2% ₹1,720 apiece in early trade on Monday. The stock has gained 10.7% in the last six months but has declined 10.8% this year, so far.

Also Read: H-1B Visa Fees News: From Persistent to Coforge, six IT companies share the impact on the business