Education: B.tech from NIT(Top 4 NITs in India)
Years of Experience: 5
Prior Experience: Paytm
Company: Microsoft
Title/Level: L61
Location: Hyderabad, India
Salary: 19 LPA
Relocation/Signing Bonus: 1LPA Singning Bonus
Stock bonus: 20K USD vested over 4 yrs
Bonus: 1 LPA retention bonus(after completion of 1 yr)
Total comp (Salary + Bonus + Stock): 2366975 (without retention bonus)
Benefits: All standard MSFT benefits.

Previous salary - 17 LPA All Fixed.
Don't have any competetive offer, HR is not ready to negotiate.

What u guys think about this offer? legendary lowballing :(

Interview Exp -
I had a total of 5 rounds.

1. Coding assessment - HackerEarth ( 3 coding ques to complete in 90 mins)
2. Virtual onsite coding round (1 hr) - Leetcode medium type question, asked 2 ques
3. Virtual onsite coding + system design round (1:30 hr) + System design (it was a mix of DS and System design)
4. Full system design round (LLD + HLD, 1:30 hr)
5. managerial round (1:15 hr)- asked 1 coding ques (leetcode medium ques from trees) + project-related ques + some behavioral ques

Update : Thanks everyone for your valuable comments. Tried negotiating with HR one more time but HR is not intersted it looks. Rejected the offer.