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.

Tata Motors stock closed 7.37% lower at Rs 697 on Thursday after the company's earnings came below estimates on weak JLR performance.

Tata Motors reported a 22% decline in net profit for the December quarter at ₹5,451 crore. However, the company's revenues increased marginally by 2.7% to ₹1.13 lakh 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.

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.

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.

Tata Motors share price dropped by as much as 9.06 per cent on Thursday, hitting a fresh 52-week low of Rs 684.25, following disappointing third quarter results for the financial year 2024-25 (Q3FY25).

India's Tata Motors reported a 22% drop in third-quarter profit on Wednesday, significantly missing analyst estimates, hurt by weak performance at its Jaguar Land Rover (JLR) and domestic car businesses.