(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.

Tata Motors shares: For the auto giant, the outlook remains dim. Tata Motors reported another muted quarterly performance as net profits dropped by 22% year-on-year (YoY) to Rs 5,451 crore.

Tata Motors shares plunged 9 per cent to a 52-week low as Q3 profit fell 22 per cent YoY, missing estimates. JLR performed well, but weak India CV growth dampened sentiment.

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.

Shares of Tata Motors slipped 9% to hit a 52-week low in opening trade on Thursday after foreign brokerage Jefferies downgraded the stock “underperform”, slashing its price target to ₹660 from ₹930 earlier.

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.

Results: Profit fell short of ET Now's estimate of Rs 6,791 crore, while revenue rose 3% YoY to Rs 1.13 lakh crore. Consolidated EBITDA rose to Rs 15,500 crore, driven by easing supply challenges. CV revenues fell 8.