HCLTech shares drop 4% after margin forecast cut, sparking downgrades and dampening hopes of IT sector spending rebound.

• Company lowers FY26 margin guidance to 17%-18% from 18%-19%, prompting eight brokerages to slash price targets.
• HCLTech's June-quarter profit drops 9.7% YoY despite revenue beating estimates; client spending remains weak.
• US tariff uncertainties hurt IT demand; Nifty IT index slips 0.4% with HCLTech as top drag and loser.