Goldman Sachs downgrades HDFC shares rating to 'sell' from 'neutral'

Goldman Sachs

Goldman Sachs cut its rating on India's Housing Development Finance Corp Ltd (HDFC) to "sell" from "neutral", on expectations that Asia's third-largest economy would recover at a "modest" pace and the prospect of rising competition.

Goldman also downgraded its target price on HDFC to 740 rupees from 790 rupees.

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