Goldman Sachs revised its view on three Indian financial and technology stocks, downgrading IndusInd Bank to “sell” with a price target of ₹722 a share and cutting its earnings forecasts sharply on expectations of slower loan growth and continued market-share losses. The brokerage said the lender’s yields are likely to stay weak while funding costs remain high, limiting a post-normalisation recovery that it sees stretching into the second half of fiscal 2026 and fiscal 2027. The U.S. bank also lowered SBI Cards and Payment Services to “neutral,” keeping its target at ₹1,006 and warning that rising credit costs could cap near-term upside even though it expects the credit-card issuer to deliver solid performance over the medium term. For engineering services firm KPIT Technologies, Goldman Sachs maintained a “neutral” stance with a target of ₹1,230. Following the reports, IndusInd Bank shares fell more than 3% in early Mumbai trading, while SBI Cards slipped almost 3%.