Shares of SAIC Motor Corp declined sharply on Friday after the automaker failed to raise the planned 6.1 billion yuan in financing through a warrant issuance that expired on Thursday.

SAIC shares fell for the fourth consecutive day by 4.98 percent to 22.92 yuan. The company said that only 1.73 percent of its total 3.9 million warrants issued to shareholders were exercised by Thursday's deadline. That meant SAIC could not cobble up the planned 6.1 billion yuan as all the warrants were not exercised by investors.

"The company's failure to prop up warrant prices must have triggered Friday's sell off," said Sun Fan, an analyst with Goldstate Securities.