IT stocks on the Nifty 50 lose over ₹1 lakh crore in market cap after HCLTech sell-off

Indian IT companies are the top losers in the market on Wednesday, April 22. The Nifty IT index has dropped over 1,300 points in today’s session. The companies listed on the benchmark Nifty 50 index have lost over ₹1 lakh crore in market capitalisation cumulatively as a result of the sell-off.The biggest contributor to this fall has been HCLTech, which has declined as much as 11% after its fourth quarter results, constant currency revenue growth for financial year 2026 and its guidance for financial year 2027, all missed street expectations.

This fall seen in shares of HCLTech is the biggest that the stock has seen in the last 11 years. With this fall, shares of HCLTech have lost over ₹40,000 crore in market capitalisation.
HCLTech’s fall has also rubbed off on its largecap peers. Barring Wipro, most of the other names are down between 3% to 6%.Shares of Infosys have extended their losses to over 4%, while those of TCS are also down to the lows of the day, extending their losses to 3% as well. Both of these stocks have shed between ₹20,000 crore to ₹25,000 crore each from their respective market capitalisation.

Shares of Tech Mahindra, which are set to report results today, has also extended its losses to 6%, shedding close to ₹10,000 crore from its market capitalisation.

Apart from largecap IT, shares of Midcap IT stocks are also trading lower in today’s session, in reaction to results reported by Persistent Systems and Tata Elxsi.

While Tata Elxsi shares are down 5%, those of Persistent Systems are down 4%, and along with it, shares of Coforge are also trading with losses of over 4%.

Only one stock on the Nifty IT index is bucking the trend in today’s session so far, and that is Oracle Financial Services, which has seen gains of 1.5%. The stock will also be reporting its March quarter results today, mainly after market closing.