Education: B. Tech in CSE from Tier 2 college
Years of Experience: 5.8 years
Current TC: 18 L (base) + 1.35 L (7.5% performance pay) + No stocks= 19.35 L (total TC)
Date of the Offer: Jan 2022
Company: Microsoft
Title/Level: L61
Location: Bangalore
Base Salary: 24 L
Performance bonus = 0 to 20% ( so max 4.8 L )
Joining Bonus: Not being offered
Relocation Bonus: INR 90K
Stock bonus: Worth USD 30K (vested equally over 4 years, so 25% per year )
Total comp (Salary + Bonus + Stock): 24 L (base)+ 4.8 L (100% of performance bonus ) + 5.5L (stocks for 1st year) = 34.3 L
Benefits: Usual MS benefits
Others: Not holding any offer yet. Haven't negotiated with Microsoft yet.

Edit: Huge thanks to Leetcode platform and community for the support.

Feedback/suggestion needed:
a. Guys, what do you thing about the level and CTC being offered? Please provide some suggestions.
b. Should i negotiate or just accept? I myself feel that I am being offered less stocks and base pay. Also what do you think shall I settle at L61 level ?
Update: Have negotiated once and they are not considering to increase either base or stocks
c. Will MS renegotiate (post offer acceptance) if i have any competitive offers?

Edit:

Revised Offer : 27L (Base) + 20% Performance bonus + USD 50K (Stock , 4 years equal vesting) + 5L (Joining Bonus) = ~47L(First year, incl JB), after that 42L every year.
Rejected the offer