Shares of India's major auto-maker plunged to a 9-year low on Friday morning, after the firm reported a record Rs 27,000 crore loss for the October-December period. Tata Motors shares plunged by nearly 29% to hit the day's low at Rs 129 on NSE.\u00a0In morning session on Friday, Tata Motors was the biggest losers on both the headline indices after the auto major net loss of Rs 26,960.8 crore in Q3, hit by one-time asset impairment in its struggling British arm Jaguar Land Rover. Taking stock of the reported results, CLSA said that JLR's EBITDA margin at 7.8% is 200 basis points below estimate. The margin has declined on quarter, despite higher volume. The demand outlook has worsened in both China as well as India, noted the firm. According to CLSA, the stock will remain weak, given insufficient near-term product triggers. CLSA has a target stock price of Rs 150 with a sell rating on the shares. Also read:\u00a0Share Market Live: Sensex slumps 150 points, Nifty above 11,000; Tata Motors shares crash 25% Axis Capital noted that it would be difficult to bottom fish in a company where the P&L see,s to be near trough. The firm has a hold rating on the stock, with a target of Rs 187. Axis Capital noted that a constructive view on Tata Motors will emerge once the China volumes stabilise and Brexit concerns are behind us. Duetsche Bank said that the operating environment is likely to remain challenged in the near-term. The only postive from the latest results is the perfommace of the Indian business. Duetsche Bank has cut FY19 EPS forecast by 38%. The research firm expects JLR's EBIT to improve in Q4, but remain negative for FY19 and FY20.