Hi chetan,
Check this example. Now please take its reference and correct your code.
Model
public class ProductViewModel
{
    public string ProductName { get; set; }
}
Controller
public class HomeController : Controller
{
    // GET: Home
    public ActionResult Index()
    {
        var products = new[] {
            new { ID = 1, ProductName = "Chai" },
            new { ID = 2, ProductName = "Chang" },
            new { ID = 3, ProductName = "Aniseed Syrup" }
        }.ToList();
        ViewBag.GetProduct = products;
        return View();
    }
    public ActionResult Viewoffer(int productid)
    {
        try
        {
            if (productid != 0)
            {
                var availableoffers = new[] {
                    new { ID = 1, productname="Chai", offername="Offer 1" },
                    new { ID = 1, productname="Chai", offername="Offer 4" },
                    new { ID = 2, productname="Chang", offername="Offer 2" },
                    new { ID = 2, productname="Chang", offername="Offer 5" },
                    new { ID = 3, productname="Aniseed Syrup", offername="Offer 3" },
                    new { ID = 3, productname="Aniseed Syrup", offername="Offer 6" }
                };
                var availableoffer = availableoffers.Where(x => x.ID == productid).ToList();
                if (availableoffer != null)
                {
                    ViewBag.offers = availableoffer;
                }
            }
            return new JsonResult
            {
                Data = new { Success = true, ResultList = ViewBag.offers },
                ContentEncoding = System.Text.Encoding.UTF8,
                JsonRequestBehavior = JsonRequestBehavior.AllowGet
            };
        }
        catch (Exception ex)
        {
            return new JsonResult
            {
                Data = new { ErrorMessage = ex.Message, Success = false },
                ContentEncoding = System.Text.Encoding.UTF8,
                JsonRequestBehavior = JsonRequestBehavior.DenyGet
            };
        }
    }
}
View
@model Product_Offer_MVC.Models.ProductViewModel
@{
    Layout = null;
}
<!DOCTYPE html>
<html>
<head>
    <meta name="viewport" content="width=device-width" />
    <title>Index</title>
</head>
<body>
    <h2>View offers</h2>
    <div class="form-group">
        <div class="col-md-10">
            @Html.DropDownListFor(m => m.ProductName, new SelectList(ViewBag.GetProduct, "ID", "ProductName"),
                                    "Select", new { @onchange = "DropDownProductList();", @id = "productid" })
        </div>
    </div>
    <h3>Available Offers</h3>
    <table id="tblOffers">
        <thead>
            <tr>
                <th>Offer Name</th>
                <th>Product Name</th>
            </tr>
        </thead>
        <tbody></tbody>
    </table>
    <script type="text/javascript" src="https://ajax.googleapis.com/ajax/libs/jquery/1.8.3/jquery.min.js"></script>
    <script type="text/javascript">
        function DropDownProductList() {
            var DropDownSelectedValue = $("[id*=productid]").val();
            $.ajax({
                async: true,
                type: 'GET',
                dataType: 'JSON',
                contentType: 'application/json;charset=utf-8',
                data: { productid: DropDownSelectedValue },
                url: '/Home/Viewoffer',
                success: function (Data) {
                    $('#tblOffers tbody').empty();
                    if (Data.Success == true) {
                        var html = "";
                        for (var i = 0; i < Data.ResultList.length; i++) {
                            html += "<tr><td>"+Data.ResultList[i].offername+"</td>";
                            html += "<td>"+Data.ResultList[i].productname+"</td></tr>";
                        }
                        $('#tblOffers tbody').append(html);
                    }
                },
                error: function (r) {
                    alert("There is some issue.Error Occured");
                }
            });
        }
    </script>
</body>
</html>
Screenshot
