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.
