In a BSE filing on Tuesday, Maruti Suzuki India Limited said that it will increase the price of its vehicles as it has been adversely affected by various input costs.
"You are kindly informed that over the past year, the cost of Company's vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the Company to pass on some impact of the above additional cost to customers through a price increase across various models in January 2020," it said.
The announcement comes at a time when automakers have been struggling with low sales for almost a year. An economic slowdown, changes to accommodate BS-VI regulations, liquidity crunch and difficulty in availing retail finance have been the major factors for the decline in the automobile sector.
Maruti Suzuki, the largest carmaker in the country reported a decline of 1.9 percent in sales at 150,630 units in November. Sales of mini cars, including models of Alto and WagonR, saw the biggest fall in sales of as much as 12.2 percent from 29,954 units to 26,306.
Its exports in November were down by 7.7 percent at 6,944 units as against 7,521 units in the corresponding month last year, as per the company data released on Sunday.
Shares of Maruti Suzuki were trading 0.15 lower at Rs 7,128.55 at 12:30 pm on Tuesday.