HCL Technologies experienced a significant drop in its share price, falling nearly 10% to ₹1,301, which resulted in a loss of approximately ₹38,000 crore in market capitalization, bringing it down to ₹3,53,000 crore. This decline follows the company's release of disappointing Q4 results, where it reported a revenue of $3.7 billion, a 3.3% decline quarter-on-quarter in constant currency. The company also provided a lackluster revenue growth guidance of 1-4% for FY27, missing its previous guidance of 4.0-4.5% growth for FY26. Analysts have reacted swiftly, with nearly every major brokerage downgrading their target prices due to a combination of factors including budget cuts from major telecom clients and the cancellation of key projects. Jefferies has been particularly aggressive, downgrading the stock to 'Underperform' with a target of ₹1,165, the lowest on the market. Other brokerages like Citi, JPMorgan, and HSBC have also cut their target prices, reflecting a consensus that HCL Tech faces significant challenges ahead. Despite the negative sentiment, some firms like CLSA and Motilal Oswal maintain more optimistic views, citing HCL's diversified portfolio as a potential strength in the long run.