Mumbai, Dec 29 : Shares of Timex Group India fell sharply in early trade on Monday, after the companyâ??s promoter launched a two-day offer for sale (OFS) at a steep discount.

The stock dropped nearly 10 per cent in the morning session -- reflecting selling pressure triggered by the OFS announcement.

The share price of Timex Group India slipped as much as 9.6 per cent to an intra-day low of Rs 318.

The decline came after the promoter fixed the OFS floor price at a significant discount to the stockâ??s previous closing level.

On Friday, the company informed exchanges that its promoter, Timex Group Luxury Watches B V, plans to sell up to 45,09,250 equity shares with a face value of Rs 1 each.

This represents 4.47 per cent of the total issued and paid-up share capital of the company.

The OFS opened on Monday and will remain open till Tuesday, December 30.

As per the OFS structure, only non-retail investors are allowed to place bids on the first day.

On the second day, the offer will open for retail investors, along with non-retail investors who choose to carry forward their unallotted bids from the first day.

The promoter has also kept the option to sell an additional 45,09,250 shares in case of oversubscription.

If this option is exercised, the total size of the OFS will increase to 8.93 per cent of the companyâ??s paid-up share capital.

The floor price for the OFS has been fixed at Rs 275 per share. This is at a discount of nearly 22 per cent compared with Timex Group Indiaâ??s closing price of Rs 351.75 on the BSE on Friday, which added to the pressure on the stock during Mondayâ??s trade.

Separately, Timex Group India also announced the date for its upcoming board meeting.

The company said its board of directors will meet on Tuesday, February 3, 2026, to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025.

Despite the sharp fall seen in the stock today, Timex Group India shares have delivered strong returns over longer periods.

The stock is up about 42 per cent over the past six months and has gained nearly 59 per cent on a year-to-date basis. Over the last one year, it has risen around 60 per cent.

/IANS