Lloris was blameless for both goals as he was beaten by a Harry Kane deflection for the first before being let down by his wall as Stewart Downing scored with a free-kick.
Tottenham, who had Younes Kaboul sent off for a foul on Downing shortly before West Ham's 27th-minute opener, offered up a disappointing display.
Yet Sherwood felt the performance of Lloris provided one of few positives as his club's UEFA Europa League hopes were dented.
"Lloris was top drawer. I heard people talking after the Everton game when he got a bang on the head, (saying) that he wasn't the same goalie anymore," said Sherwood.
"That's a load of c***. People don't know what they're talking about.
"He's a consistent performer. He performs like that every single week. If he makes a mistake, it's an honest mistake but he doesn't make many."
Sherwood's position has been the subject of frequent speculation in recent weeks, yet he is eager to ensure Tottenham are focused in their final game of the season against Aston Villa.
"The players owe it to the fans to send them away with a little bit of optimism for next year," he added.
"Our aim is to entertain and win the game."
