At the end of the December quarter, Tata Motors had 63.4 lakh retail shareholders, well above the 56.14 lakh shareholders at the end of the September quarter.

Tata Motors share price declined 8% in the morning trade on Thursday following the automaker’s Q3 results wherein it reported a double-digit fall in profit.

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 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.

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 shares will be in focus on Thursday, January 30, after the company reported a 22% YoY drop in Q3 profit, which fell to Rs 5,451 crore, missing analysts' expectations. Should investors buy,