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

MUMBAI (Reuters) - Goldman Sachs cut its rating on Housing Development Finance Corp Ltd to "sell" from "neutral", on expectations that India's 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.

(Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)