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Maruti announces price hike of up to Rs 20k

The country?s largest car maker, Maruti Suzuki, has announced a price increase by up to Rs 20,000 from Wednesday, in order to offset the hit on margins due to adverse foreign exchange movement.

The country?s largest car maker, Maruti Suzuki, has announced a price increase by up to Rs 20,000 from Wednesday, in order to offset the hit on margins due to adverse foreign exchange movement. The company had indicated such plans in the last month itself.

The car market leader follows Toyota Kirloskar and General Motors which had also announced a price hike of up to 2% and 3%, respectively from January 1 citing similar reasons. Hyundai also said that it is contemplating a similar price increase.

For Maruti, adverse foreign exchange movement had an overall impact of Rs 350 crore during the July-September quarter of this fiscal.

?The price hike across all models will come into effect from tomorrow and will be up to R20,000,” Maruti Suzuki India chief operating officer (marketing and sales) Mayank Pareek said.

Last month, the company had announced a price increase of 1-3%.

The company sells a variety of models, starting from M800 to imported Kizashi at a price range starting from R2.09 lakh to R17.52 lakh (ex-showroom, Delhi).

In the second quarter of this fiscal, the company had posted a 5.41% fall in net profit at R227.45 crore, hit by an unprecedented violence at its Manesar plant and low sales and currency fluctuation.

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First published on: 16-01-2013 at 01:44 IST
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