The lion is carved out of Chunar sandstone, similar to the Pillars of Ashoka, and has a polished finish, a feature associated with Maurya sculpture.
[1] It is possible that this sculpture was made by an Achaemenid or Greek sculptor in India and either remained without effect, or was the Indian imitation of a Greek or Achaemenid model, somewhere between the 5th century B.C.
However, it is generally dated from the time of the Maurya Empire, around the 3rd century B.C.
According to John Boardman, the sculpture is "quite Persian", although the treatment of the mane is of Greek naturalistic style and breaks with the rigid and codified style of the Achaemenid Empire.
[2] The Lion Capital of Ashoka from Sarnath represents the next logical step in the art, and would be the realisation of Greek Hellenistic artists to soften and give more naturalness to the Persian style.