Infosys (INFY, Financial) began transitioning its business to more value-added projects, which require skilled employees with higher salaries. The original Infosys founders, no longer affiliated with the company, complained about this strategy and management pay hikes in the media. This negative news, in combination with concerns surrounding U.S. H-1B visas, depressed the stock price.
From Bernard Horn (Trades, Portfolio)'s Polaris Global Value Fund second quarter 2017 shareholder letter.
