HDFC tumbles after Goldman Sachs downgrade to 'sell'

Goldman Sachs alo reduced target price on stock citing growth concerns

Housing Development Finance Corp, country's biggest mortgage lender, declined nearly 2% in early trades this Friday after global brokerage firm Goldman Sachs cut its rating to 'sell' from 'neutral' citing concerns India's economy would recover at a "modest" pace and the prospect of rising competition.

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

At 9:40AM, HDFC shares fell  1.7% to Rs 801.25 today.