India's largest passenger car maker Maruti Suzuki India on Tuesday said it will increase the prices of its vehicles across models by up to Rs 20,000 from today to offset the pressure of adverse currency fluctuation.
"The price hike across all models will come into effect from tomorrow and will be up to Rs 20,000," Maruti Suzuki India chief operating officer (marketing and sales) Mayank Pareek said.
Last month, the company had announced a price increase of 1-3 per cent.
Mr. Pareek said the price hike has been necessitated due to increasing pressure on margins following the adverse currency fluctuation.
The company sells a variety of models, starting from the Maruti 800 to the imported Kizashi at a price range starting from Rs 2.09 lakh to Rs 17.52 lakh (ex-showroom, Delhi).
In the second quarter of this fiscal, the company had posted a 5.41 per cent fall in net profit at Rs 227.45 crore, hit by an unprecedented violence at its Manesar plant and low sales and currency fluctuation.
Adverse foreign exchange movement had an overall impact of Rs 350 crore on the company during the July-September period this fiscal, it had said.