Shares of Sona Koyo Steering Systems settled in the negative territory after the company had set Rs 85 per equity share as the floor price for the offer of sale that began today.

On the BSE, shares of the company opened on a bearish note at Rs 93, then lost further ground to touch an early low of Rs 89.45, down 8.86 per cent over its previous closing price. The stock closed down by 0.66 per cent at Rs 97.50.

On the NSE, the stock opened at Rs 90.80, then fell to a low of Rs 89.55, down 8.85 per cent over its last close. The stock ended at Rs 96.95, down 1.32 per cent.

The company had said in a regulatory filing yesterday that JTEKT Corporation proposes to sell up to an aggregate of 35,14,879 equity shares representing 1.77 per cent of the total paid-up equity share capital of the company on April 6, (for non-retail investors) and on April 9 (for retail investors).

Floor price for the offer stood at Rs 85 per equity share, the filing added. The floor price was at 13.39 per cent discount to yesterday’s closing price of Rs 98.15 on the BSE.

Till December quarter, JTEKT Corporation held 70.45 per cent stake in the company, while Maruti Suzuki India had 6.94 per cent stake in the auto component maker.