Real Madrid lost a great chance to increase their title hopes in La Liga as they failed to beat Valencia after leaders Atletico Madrid had lost at Levante.
The visitors played a great game at the Santiago Bernabeu and came close to earning the victory, but Cristiano Ronaldo savaged a point for Los Blancos in stoppage time with a brilliant goal.
Los Merengues had a number of opportunities in the first half, but all of them were frustrated by goalkeeper Diego Alves, who had a terrific performance.
Yet, Valencia had the best chances to score. Former Real Madrid player Daniel Parejo met a cross from Sofiane Feghouli at the far post, but Diego Lopez pushed his header onto the crossbar.
Just one minute before half-time Parejo kicked a corner inside the box and defender Jeremy Mathieu shook off the attentions of Raphael Varane to divert the ball over the line with a close range header. Valencia took the lead.
Carlo Ancelotti men level just before the hour mark as Sergio Ramos nodded a Ronaldo header into the back of the net from close range.
Real were in control of possession but Valencia had a great defensive performance and threatened Diego Lopez in their counter-attacks.
Thus, the visitors regain the lead with 65 minutes on the clock as Parejo, who was the man of the match, rattled a low effort into the bottom corner following a brilliant cross from Feghouli.
Madrid started desperately looking for the equaliser, but Valencia’s keeper denied all their efforts. Yet, in the 93rd minute, Ronaldo savaged one point as Di Maria lifted a volley into the box and the Portuguese sent the ball into the corner with a terrific flick of his right boot.
Youngster Alvaro Morata had a great chance to fulfil the come-back in the last minute, but his shot from close range went wide of the post.
Real sit now five points behind leaders Atletico Madrid, who have played a game more, and two behind second-place Barcelona, who have also played one game.