Google has reduced its multi-million dollar IT project with HCLTech by approximately $50 million, citing automation and AI disruption as key factors. This cut represents about one-fourth of the $200 million annual application development and engineering work HCLTech managed for Google.
HCLTech CEO C Vijayakumar's total remuneration surged by nearly 67% to $18.13 million in FY26, primarily from long-term incentives and stock options. His pay is 291.9 times the median employee remuneration and places him at the top among his Indian IT sector peers.
Indian IT stocks plummeted Friday, losing Rs 1.35 lakh crore in market value after Accenture's weaker-than-expected outlook fueled fears of AI disruption. Infosys led the decline with an 8% drop, as investors worry about generative AI's impact on traditional IT services.
Bengaluru-based Sarvam has secured $234 million in funding at a $1.5 billion valuation, becoming India's newest AI unicorn. The investment, led by HCLTech, aims to bolster sovereign AI capabilities and develop AI models for Indian languages and use cases.
Indian equity markets fell by 1% as geopolitical tensions between the US and Iran triggered an oil price rally. Investor sentiment was further dampened by disappointing Q4 earnings from Infosys and sustained selling by foreign institutional investors.
