Eddie Nketiah struck with virtually the last kick of an enthralling encounter at Selhurst Park to give Crystal Palace a deserved victory and end Premier League leaders Liverpool's five-match winning start to the season.

Italian Federico Chiesa's 87th-minute equaliser looked like to have salvaged a point the champions' dismal display barely merited.

Ismaila Sarr had given Palace an early lead but just as it looked like they would pay the price for wasting a host of chances, Nketiah pounced at the far post in the seventh minute of added time to lift them up to second in the table.

Palace were outstanding in stretching their unbeaten run in all competitions to 18 games, tormenting Liverpool's rocky rearguard throughout but failing to make their superiority pay.

Sarr's ninth-minute goal, bundled home after Liverpool failed to clear a corner, was scant reward for Palace's domination in the first half, in which only the brilliance of keeper Alisson and the woodwork spared the champions further punishment.

Brazilian Alisson saved superbly from Yeremy Pino, Daniel Munoz and Jean-Philippe Mateta, with the French forward also hitting the woodwork with a superb effort at the end of a flowing move.

Liverpool, as they had to do, improved after the break with Palace keeper Dean Henderson - who turned Ryan Gravenberch's powerful drive on to the post - denying Florian Wirtz from point-blank range.

Record £125m signing Alexander Isak, making his full Premier League debut for the Reds, also shot wide with only Henderson to beat as the visitors built up pressure.

Liverpool's habit of striking late surfaced again as substitute Chiesa pounced from close range, but Nketiah provided the late twist Arne Slot's side have inflicted on others this season.

It was dramatic as Gravenberch's foot kept him just onside after a video assistant referee (VAR) check.

Crystal Palace analysis: Glasner's side show class to overpower Reds

Palace's fans may have had their tongues firmly in cheeks when they chanted "We're going to win the league" - but Oliver Glasner's side fully deserved their victory.

They may have lost star forward Eberechi Eze to Arsenal, but they still possess quality and ran Liverpool ragged at regular intervals. Only the formidable one-man barrier of Alisson and the woodwork spared the champions first-half humiliation and somehow kept the deficit at just one goal.

Glasner's emerging side have now gone 18 games unbeaten, playing with the confidence winning the FA Cup has given them, as well as the knowledge their outstanding leader is once again proving his managerial pedigree.

Palace possess strength through the spine of their side - from Henderson in goal, captain Marc Guehi in defence, Adam Wharton in midfield and a thrilling attack in which striker Mateta may be erratic, but a constant danger.

How Liverpool must have wished Marc Guehi's deadline day move had not fallen through and they had his steadying influence at the back for them, where they have looked vulnerable all season and Ibrahima Konate endured a nightmare.

Palace are unbeaten after six league games and this performance demonstrated why they deserve that lofty status.

Liverpool analysis: No escape after wretched display by champions

Liverpool have lived on the edge all season as late goals have rescued victories, but there was no escape here and the reigning champions did not deserve one either.

It briefly looked like another late strike, this time from Chiesa, would earn a fortunate point, but their defence failed to clear a long throw and Nketiah pounced for his first goal since May.

Liverpool have been leaking goals all season, but able to dig themselves out of trouble at the other end.

After Palace tore their backline apart in the first 45 minutes, the Reds stepped up a gear in the second half, presumably with some angry words from Slot ringing in their ears.

But they were far from fluent in what must rank as one of the worst displays since the Dutch head coach succeeded Jurgen Klopp.

British record signing Isak looked rusty, missing a glorious chance in the second half before being withdrawn to predictable chants of "what a waste of money" from home supporters.

German Wirtz, who also should have done better when shooting straight at Henderson from six yards, is also still struggling to make an impact since his big-money arrival.

In some ways, this was a Liverpool defeat that was coming having lived so dangerously this season - but it will be no less disappointing for Slot in the manner of the outcome.

What's next for these teams?

Crystal Palace: Palace are in Conference League action on Thursday, 2 October when they face Dynamo Kyiv (17.45 BST). They travel to Everton in the Premier League on Sunday, 5 October (14:00 BST).

Liverpool: Liverpool travel to Turkey to face Galatasaray in the Champions League on Tuesday, 30 September (20:00 BST), before a visit to Chelsea in the Premier League on Saturday, 4 October (17:30 BST).(BBC)