Philip Securities has downgraded Bandhan Bank's rating to "neutral" with a target price of 190 rupees.

Philip securities analyst Manish Agarwal downgraded Banden Bank Limited from "buy" to "neutral". The target price is set at 190 rupees, representing a 1.6% upside potential from the latest stock price. Banden Bank's quarterly sales announced on July 18 were lower than expected.