Have analysts been cutting the target prices of most of the stocks and which stocks have seen the sharpest price target cuts?

The Nifty 50 universe has seen an approximate price target cut of 15% while individual cuts have been as high as 60% in some cases and even as low as 2% in few cases. Needless to say, banks have seen the sharpest cuts in target prices. For example, average target price for IndusInd Bank was revised down by 61%, Axis Bank by 34% and SBI by 20%. Rate sensitive auto sector is also in the same boat with Tata Motors target down by 42.5%, Maruti lower by 21% etc. Among NBFCs, Bajaj Finserv saw 12.3% cut in target price while HDFC saw a cut of 11%. Among oil companies, ONGC was a price target cut of 38% followed by IOCL at 21.24%. Pharma companies were the rare exception that saw an upward revision in target prices. Other than pharma HUL saw an upward revision of 7.6% while Nestle saw its target revised upward by 10%. However, IT companies like TCS and Infosys have seen price cuts of 12% while the cut is deeper at 20% for Wipro and Tech Mahindra.