The shares of India’s largest car maker Maruti Suzuki India Ltd (a unit of Japan’s Suzuki Motor Corporation) plunged almost 4% in early trade on Thursday, after an announcement that it would raise prices from January 1. At 12 noon, Maruti shares were trading 7,245 rupees on the National Stock Exchange, down from the previous close of 7,554 rupees.

The car maker announced on Wednesday that it will increase prices of various models from next month to offset the adverse impact of increasing commodity prices and falling foreign exchange rates, the Press Trust of India reports.

The company, however, did not provide any specific details on planned price increases.

Maruti Suzuki enjoys a market share of 50% and sells a range of vehicles, from its entry-level Alto800 to the premium crossover S-Cross.

Earlier the car maker had recorded flat sales during the festival season. Its October year-on-year sales growth was a mere 0.6%. Results were worse in urban areas, while in rural districts sales continued to register growth.

The rising popularity of Internet-sourced ride hailing cabs, increasing fuel prices, higher insurance premiums and rising vehicle finance interest rates have contributed to falling sales.