Goldman Sachs downgrades Union Bank to sell

New Delhi: Goldman Sachs has downgraded Union Bank of India to 'sell' from 'hold', maintaining target price at 190 rupees, citing weaker fundamentals such as higher slippage ratio, lower Tier 1 ratio and lower coverage ratio than peers.

“We believe that asset quality issues and its lower Tier 1 ratio will hinder loan growth and we expect the bank to lose market share in advances”, said Goldman Sachs.

At 10:39 am, shares of Union Bank were down 2.29 per cent at 209 rupees.

Source: Financial Express