Education: B.Tech. CSE
Company: Google, BLR, India
Years of Experience: 4
Date of the Offer: Oct 21
Title/Level: L3 (downleveled from L4)
Location: Bengaluru
Salary: INR 22L
Relocation/Signing Bonus: INR 1L
Stock bonus: USD 40K (4 years, 33-33-17-17)
Variable Bonus: 15% of base
Joining Bonus: INR 2L
Total comp: ~INR 33L (excl. bonus)
Benefits: Standard google perks

Rejected the offer since it was not even higher than my current TC but my main concern was downlevel.

I would suggest anyone who gets downleveled, to never accept the offer. Getting downleveled is just Google's way of politely saying that you are rejected. And so, you should just treat it as a rejection (unless you desperately want to work at Google because of pReStigE).

Edit 1:
The reason for downlevel was poor performance in one of the rounds. Feedback for other rounds was perfect.
Current TC: INR 36L