Goldman downgrades Larsen & Toubro to 'neutral'

However, Goldman said it continues to be a strong believer in the long-term growth potential for L&T

Goldman Sachs downgraded Larsen & Toubro to "neutral" from "buy", saying the stock was trading above historical median valuations even as the macro economic environment remained "tough."

However, Goldman said it continues to be a strong believer in the long-term growth potential for L&T.

L&T shares were down 0.6 percent as of 9.19 a.m.