Tata Motors is the big and top loser on the bourses today morning. The stock is currently down 8.5% or by Rs.40 at Rs.447 and its intra day low stands at Rs.441.25.

The market is shocked at the very poor show of Tata Motors for Q3FY17. Its consolidated net profit slipped down pretty sharply by a whopping 96% at Rs.112 crore. The big loss in its Indian business and operational weakness in JLR is what drained the company’s bottomline.

Its Indian business, which is its standalone numbers, posted a huge net loss of Rs.1046 crore v/s loss of Rs.631 crore in previous Q3. This is a big loss and in the current background of the imbroglio between Mistry and Tata, these numbers become quite worrisome.

Its JLR net profit for current Q3 fell 62% (YoY) but topline was up 13%.

Following this dismal show, almost all brokerage houses have cut down their target prices or downgraded the stock. Credit Suisse reduced target price at Rs 630 from Rs 680. JP Morgan cut its target price on the stock to Rs 570 from Rs 610. CLSA downgraded the stock to sell and lowered target price to Rs 405 from Rs 650.