OFSS shares tumble 7%; Wipro, Coforge, Infosys shares down up to 2%. Why are IT stocks under pressure today?
Shares of OFSS fell over 7% while top IT stocks including Infosys, Wipro, and Coforge dropped up to 2% on Monday. The drag comes following reports of Oracle's $18 billion data centre debt pressure and US President Donald Trump extending the $100,000 H-1B visa fee by another year.
Oracle Financial Services Software (OFSS) shares plunged more than 7% today, reaching a new low of Rs 11,061 per share, marking the sharpest single-day decline since late July. The decline was attributed to reports that $18 billion in loans tied to an Oracle-leased data center in New Mexico have come under pressure, with loans trading at 89 to 91 cents on the dollar.
This comes amid concerns over local opposition to Oracle's 1,400-acre Project Jupiter campus in Dona Ana County, which could potentially disrupt water supply and air quality, threatening Oracle's AI infrastructure plans. OFSS is the Indian subsidiary of Oracle.
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