Shares of HCL Technologies (HCL Tech), India's third-largest software services company, have plummeted 15% over three trading sessions, resulting in a staggering ₹59,000 crore loss in market capitalization. The decline follows the company's disappointing March quarter earnings and a subdued growth outlook, projecting only 1% to 4% revenue growth for FY27. HCL Tech's growth forecast for FY26 was also missed, with actual growth reported at 3.9%, below the expected 4.0% to 4.5% range. Major brokerages have reacted sharply, with Jefferies downgrading its rating to Underperform and setting a target price of ₹1,165, while JPMorgan and Citi have also lowered their target prices. The downturn is attributed to unexpected budget cuts from key US telecom clients and the cancellation of several SAP projects. Despite the negative sentiment, CLSA has maintained an Outperform rating, though it noted the quarter's disappointing performance across various metrics.