New Delhi, July 2 -- Shares of IndusInd Bank declined 3.5 percent on Wednesday, July 2, making it the top loser on the Nifty index after global brokerage Goldman Sachs downgraded the private sector lender to a 'Sell' from its earlier 'Neutral' rating. The brokerage cited structural concerns in the bank's business model and pointed to weak franchise fundamentals.

Goldman Sachs reduced its earnings projections for IndusInd Bank, slashing FY26 and FY27 earnings per share (EPS) estimates by 25 percent and 17 percent, respectively. The brokerage also revised its target price to Rs.722 from an earlier Rs.634, citing persistent challenges in the bank's growth trajectory.

"Even after business normalisation in the second half of FY26 and FY27, I...