Indian carmaker Tata Motors fell more than 7% in early trade on Thursday after reporting a bigger-than-expected drop in quarterly profit, which pushed a slew of brokerages to slash price targets on the stock.

The stock hit the day's low of Rs 684.25. Jefferies downgraded Tata Motors from 'buy' to 'underperform'. The firm also reduced its price target to Rs 660 from Rs 930.

Shares of Tata Motors Ltd slipped 9% in early deals to their fresh 52-week low on Thursday as Q3 earnings fell below street estimates. Tata Motors stock fell 9.06% to Rs 684.25 against the previous close of Rs 752.45. On BSE, 3.98 lakh shares changed hands amounting to a turnover of Rs 27.74 crore.

(Reuters) -Indian carmaker Tata Motors' shares plummeted about 9% to a 14-month low on Thursday, after its third-quarter results set off growth and margin concerns for its luxury Jaguar Land Rover (JLR) segment.