Maruti follows Tata and Hero in raising prices across models from April 1

It is not just Maruti though. Many other auto majors will be hiking prices come April. Tata Motors recently announced a price hike of approximately 5 percent for its commercial vehicle portfolio after reporting strong sales for the CV segment in February. Hero MotoCorp one of the leading two-wheeler manufacturers will also hike prices by around 2 percent for its select motorcycles and scooters.

"There was a loss in production in January & February due to the semiconductor issue. We are facing short supply in some models resulting in a higher waiting period. There is a bit of a slowdown in booking momentum & enquiries over the last few weeks. Higher inflation has led to lower disposable income and has dampened consumer sentiment, "Shashank Srivastava of Maruti Suzuki told CNBC-TV18 on March 16.

Maruti reported above-estimate auto sales figures of 1.72 lakh total sales in February topping Nomura’s estimate of 1.65 lakh units. The company’s domestic sales saw a rise of 10.8 percent  and total sales were up nearly 5 percent for the month.

Commenting on the auto sales number for February Shashank Srivastava told CNBC-TV18 that drop in exports was due to shipment delays and retail sales have been lower. Rural sales could get impacted due to EL Nino and expect 5-7 percent growth for the auto industry in FY24.

Marui Suzuki stock is trading with a gain of more than a percent on Thursday and has fallen more than 3 percent this month.