The shares of Force Motors were locked after they hit their upper limit by rising 20 per cent in early trade on the Bombay Stock Exchange today.

The increase came following the company's announcement that it will "almost exit" its joint venture with MAN Truck & Bus AG. Force Motors is planning to sell 5.58 lakh shares to its German partner for over Rs. 1,050 crore.

Following the announcement Force Motors's shares rose 20 per cent to maximum allowed limit in the day to Rs. 605.15 within seconds of the opening bell for the BSE. A circuit filter imposed by the regulator does not allow the shares to rise further and is locked at its upper limit on the domestic stock exchange.

The Pune-based firm had formed a joint venture with MAN Truck & Bus called, MAN FORCE Trucks Pvt Ltd (MFTPL) to manufacture heavy commercial vehicles in the country. The Indian firm held an 80 per cent stake when the joint venture was formed which then changed to a 50:50 partnership between the two firms in 2008.

Force Motors produces light commercial vehicles, small commercial vehicles, utility vehicles, agricultural tractors and other automotive parts.