Top Losers Today 22-Apr-2026: HCL Tech, IT Sink

Introduction

Nifty 50 ended at 24,378 (-0.8%) and the Sensex slipped to 78,516.49 (-0.9%) on 22 Apr 2026, snapping a three-session winning streak as IT stocks sold off sharply. The Nifty IT index fell about 4.5%, making it the biggest drag, while FMCG, metals and realty held up better. Market breadth stayed relatively supportive despite the index decline, with advances outpacing declines in the session.

Large Cap Top Losers

HCL Technologies Ltd (-10.85%) HCL Tech plunged after reporting Q4FY26 and FY26 misses and issuing weak FY27 revenue guidance of 1-4% in constant currency, which hit expectations for a faster recovery in discretionary spending. The sell-off was compounded by a broker downgrade, with Prabhudas Lilladher reiterating a 'Reduce' call with a target of Rs 1,300.

Infosys Ltd (-3.40%) Infosys fell in sympathy with the broader IT rout triggered by HCL Tech’s weak earnings and cautious outlook, as investors cut exposure across the sector. The drop also came as markets positioned ahead of Infosys results, with IT emerging as the session’s biggest index-level drag.

LTM Ltd (-3.28%) LTM slid as benchmarks closed sharply lower amid higher volatility and macro headwinds such as a weaker rupee and elevated crude prices highlighted through the day’s market commentary. The stock moved with the broader risk-off tape, with investors trimming positions in large cyclical names as the Sensex dropped about 0.9%.

Mahindra & Mahindra Ltd (-2.99%) M&M declined as investors de-risked in autos and other economically sensitive stocks during a session marked by a sharp index fall and a spike in volatility (India VIX rose over 4.5% intraday). With crude prices elevated and the rupee under pressure, traders rotated away from cyclicals even as defensives like FMCG held up.

Tata Consultancy Services Ltd (-2.80%) TCS dropped as selling spread across frontline IT names after HCL Tech’s earnings miss and subdued FY27 guidance raised concerns about near-term demand. The sector-wide drawdown pushed IT stocks among the top index laggards despite pockets of strength elsewhere in the market.

Mid Cap Top Losers

Persistent Systems Ltd (-4.90%) Persistent fell after its Q4 results, as investors focused on brokerage-led estimate cuts and caution despite the company reporting a strong year-on-year rise in quarterly profit in media reports. The move reflected how the market is treating mid-tier IT earnings with a tougher lens amid weak sector commentary.

Coforge Ltd (-4.41%) Coforge declined as the sell-off in IT intensified after HCL Tech’s Q4 miss and weak FY27 guidance, dragging the broader IT pack. With the Nifty IT index down about 4.5%, investors reduced exposure to mid-cap IT names alongside large caps.

360 ONE WAM Ltd (-4.31%) 360 ONE WAM slid as risk appetite weakened during the session, with benchmark indices posting near 1% losses and volatility rising. The stock also saw heavy trading volumes, suggesting active positioning in wealth and financial services amid FII selling concerns mentioned in market commentary.

Mphasis Ltd (-2.90%) Mphasis dropped in line with the sector-wide IT drawdown, as investors repriced demand and margin expectations after HCL Tech’s guidance disappointed. The fall mirrored weakness across BSE IT names highlighted during the session.

Info Edge (India) Ltd (-2.52%) Info Edge eased as investors cut exposure to internet and tech-linked stocks during a volatile session, when defensives outperformed and IT was the biggest drag on indices. The stock’s decline tracked the broader move away from growth stocks as the rupee weakened and macro uncertainty stayed elevated.

Small Cap Top Losers

GNG Electronics Ltd (-9.95%) GNG Electronics sank close to 10% and traded at the day’s low of around Rs 374, indicating a sharp, circuit-like move with sellers dominating and limited bids. The fall also followed a recent run-up (the stock was up about 12% over the last month, per available market data), making it vulnerable to profit-taking on a weak risk-off day.

GSM Foils Ltd (-8.76%) GSM Foils dropped after opening near the day’s high and sliding through the session, pointing to aggressive profit-booking. With the stock still showing strong longer-term returns (about 160% over one year in available data), traders appeared to lock in gains amid heightened volatility.

Emerald Leisures Ltd (-8.22%) Emerald Leisures fell on extremely thin volumes, which can magnify price swings when buy orders are scarce. The move reflected liquidity risk in microcaps during volatile sessions, even as broader smallcap indices were relatively resilient.

CapitalNumbers Infotech Ltd (-7.87%) CapitalNumbers Infotech declined as the IT sell-off spread beyond large caps, with investors cutting exposure across software services counters. The broader backdrop of weak IT commentary and a steep fall in the Nifty IT index kept pressure on smaller IT names.

Madhusudan Masala Ltd (-7.59%) Madhusudan Masala slipped amid risk-off trading and profit-taking in select smallcaps, with relatively low volumes amplifying the move. The decline came despite broader smallcaps holding up better than the benchmarks, indicating stock-specific selling pressure.

Market Overview

Benchmarks closed lower, with Nifty 50 at 24,378 (-0.8%) and Sensex at 78,516.49 (-0.9%), as heavy selling in IT offset gains in defensives. IT was the standout laggard, with the Nifty IT index down about 4.5% after HCL Tech’s earnings miss and weak FY27 guidance reset expectations for near-term growth across the sector.

Sector rotation stayed visible through the day: FMCG, metals, media and realty were reported to be up around 0.4-1%, cushioning the fall, while private banks were mildly lower. India VIX rose over 4.5% to around 18.3 intraday, signalling elevated uncertainty.

Macro factors also featured in trading cues: the rupee weakened to around 93.84 per dollar during the session, while commentary flagged elevated crude prices near $100 and ongoing Middle East-related uncertainty as contributors to a cautious risk setup.

Explore More Market Movers

Readers can explore the complete list of market movers here: https://www.multibagg.ai/market-movers/top-gainers