Shares of Tata Motors fell as much as 4.6% on Monday after lower-than-expected wholesale volumes at its Jaguar Land Rover (JLR) business prompted top brokerages to cut price targets and warn of a slowdown next year.

Tata Motors said on Friday that Jaguar Land Rover’s second-quarter wholesale volume – excluding its joint venture in China – was 75,307 units, compared with an expected wholesale volume of around 90,000 units in August.

The automaker, one of the largest in the country, blamed the blunder on a lower-than-expected supply of specialized chips from one supplier.

However, it said new deals with semiconductor suppliers would improve sales in the second fiscal year half. Morgan analyst Amyn Pirani wrote in a note, downgrading Tata Motors to “neutral” from “overweight.”

He also said Tata Motors might miss Jaguar Land Rover’s £1 billion ($1.11 billion) free cash flow target. The brokerage cut its target price on Tata Motors to Rs 455 ($5.52) from Rs 525. Morgan Stanley also cut its price target by more than 11% and forecasted a loss of Rs 6.2 per share in fiscal 2023, compared with an earlier estimate of Rs 21.5 per share.

According to Refinitiv data, 30 analysts have an average “buy” rating on Tata Motors, with a median price target of Rs 530. Shares were last down 3.9% at Rs 395.90.