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

Cites modest pace of recovery for Indian economy, rising competition

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 Rs 740 from Rs 790.