(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 stock closed 7.37% lower at Rs 697 on Thursday after the company's earnings came below estimates on weak JLR performance.

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.

JLR’s import business has performed relatively better than the overall market, with a nominal decline of 5% in the premium segment, compared to a 14% overall decline in the industry, stated PB Balaji,

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 reported third-quarter profit below market expectations on Wednesday, weighed down by weakness in its luxury Jaguar Land Rover (JLR) business and as car sales slowed down at home.