HCL Tech shares wipe out Rs 38,000 crore as target price falls to Rs 1,165. Why every second broker is busy downgrading

April 22, 2026

HCL Technologies share price plummeted nearly 10%, wiping out Rs 38,000 crore in market cap following a brutal Q4 earnings report. The IT major missed revenue, margin, and guidance targets, triggering widespread broker downgrades and price target cuts. Analysts are scrambling to reprice the stock amid concerns over client-specific headwinds and AI-driven deflation.

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