HDFC shares downgraded to 'sell' by Goldman Sachs

Written by Reuters | Updated: Feb 22 2013, 16:34pm hrs
Goldman SachsGoldman also downgraded its target price on HDFC to 740 rupees from 790 rupees. (Reuters)
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.