Maruti Suzuki said it expects vehicle sales in India this fiscal year to grow less than 10%.

Company chairman RC Bhargava told reporters that high interest rates in the country were dampening demand while Mayank Pareek, managing executive officer for marketing and sales, said Maruti would cut production of most models this month because of lower sales.

Among other models, Maruti will cut monthly production of its Alto hatchback by 5% from the current 30,000 units, he added.

Maruti is the dominant player in India with  market share of more than 50%.