What the heck is going on with Cognizant's Hiring Process?!!

I was contacted by HR and was interviewed for a L1 position in marketing/branding. I have a decent experience of 2 years with big brands + 1 year of freelance work.

Here is the problem. During the hiring process I was asked about my current CTC and Expected CTC at almost every call that I had. I told them my expectations right away and quite clearly. 5.5 to 8.5 lpa

They seemed okay and I sent the documents when asked. The documentation round seemed completed.

Thereafter I get a call from HR that they can give just a 20% hike on my current CTC and not the package that was expected.

I mean, why waste someone's time and effort if you cannot match the ask and you already know that.

They gave me a reason that every other team member they are hiring for is somewhat of the same years of experience and they cannot justify my numbers.

Does this happen a lot in these "Service based companies"?