Indian auto giant Maruti Suzuki said on December 6, 2012 that it will increase the price of its vehicles in the Indian market. Prices will be increased across most models by up to Rs. 20,000 from the month of January 2013.
The company cited pressure on its margins due to the fluctuation in currency. Mayank Pareek, the chief operating officer of Maruti Suzuki India Marketing and Sales said, “There will be a hike in the prices of our products. Quantum will vary depending on models, but it can be up to Rs 20,000”.
Maruti Suzuki sells a variety of models starting from the M800 to Kizashi, with the price range starting from Rs 2.09 lakhs to Rs. 17.52 lakh ex-showroom price Delhi.
The company, in the second financial year posted a 5.41 percent fall in net profit at Rs. 227.45 crores, as it was hit by unprecedented violence at its Manesar plant, along with low sales and currency fluctuation. The adverse foreign exchange movement also had an overall impact of Rs. 350 crores on the company during the months of July, 2012 to September, 2012, during the current financial year.