There were three rounds (excluding HR) and then they released the offer. But the offer was not even touching my minimum expectations. Though in the beginning only i made it clear about the expected CTC and still this happened.

Good - HR - Technical - Manager rounds technical round - typical Embedded systems questions - OS, C, and based on CV, past experience Manager asked about - Why leaving current, why would like to join Panasonic, What was challenging task, and so on HR was just Salary negotiation. There was indeed no negotiation, though I tried. Strictly, "this is the pay, if you want to join, join, otherwise ho away". But Pay was not bad , as there was good amount of annual profit sharing