Dalal Street Bleeds as HCL Tech's Weak Q4 Triggers ₹92,000 Crore Wipeout in IT Stocks

The Indian stock market faced intense selling pressure on April 22, 2026, with benchmark indices sliding significantly. The BSE Sensex declined by nearly 500 points to trade around 78,779, while the broader NSE Nifty dropped below the crucial 24,450 mark. The major culprit behind the market drag was the IT sector, spearheaded by HCL Technologies. HCL Tech shares plummeted by nearly 10%, wiping out ₹38,000 crore in market capitalization following a brutal Q4 earnings report that heavily missed revenue and margin guidance. This triggered a severe sector-wide ₹92,000 crore sell-off, with major peers like Infosys and Tech Mahindra slumping up to 6%.

However, amidst the broader market gloom, there were notable pockets of resilience and positive Q4 surprises. Persistent Systems declared a strong 20% jump in profit and a robust dividend of ₹18 per share, while Nestle India announced a final dividend of ₹5 per share. On the losing end, Transformers and Rectifiers shares tumbled after a reported decline in Q4 profit, and Tata Elxsi slumped over 3% on softer-than-expected revenue growth. Analysts are currently scrambling to reprice tech stocks amidst growing concerns over client-specific headwinds and AI-driven deflation.