Shares of Tata Motors plummeted as much as 29.45 percent to a new 52-week low of Rs 129 on NSE in Friday morning trade session. It is the scrip's worst ever intraday fall in a decade.

The reaction comes after many brokerages downgraded the stock after the automaker reported a quarterly loss of Rs 26,961 crore on Thursday (after market hours) largely due to the 3.1 billion pounds impairment of Jaguar Land Rover assets. A Bloomberg report suggests that Rs 26,961 crore is the biggest ever quarterly loss reported in India's corporate history.

Most brokerage firms have reduced their earnings per share (EPS) estimate and target price on the company's stock.

Given the capital expenditure of 12 billion pounds estimated by JLR for over three years, Edelweiss Securities is awaiting clarity on the nature of assets that were impaired to ascertain the probability of such an action in the future.

It has slashed the target for the stock from Rs 201 to Rs 179 and said, "China has gone from bad to worse. The management is trying hard to revive the brand by focusing on sustainable profitability for the company and dealers but given a weak demand outlook, the brokerage cut its FY20 consolidated Ebitda estimate for the auto maker by 8 percent to Rs 32,900 crore and EPS by 26 percent to Rs 21.7."

Motilal Oswal Securities has doubled the net debt estimate for the Tata Motors and downgraded the stock to Neutral with a target price of Rs 166.