India's largest car maker Maruti Udyog Ltd has slashed prices of compact car segment Zen and Wagon-R by up to Rs 9,000 on all models in a bid to garner larger market share.

According to industry sources, the prices have been reduced with effect from Monday.

Maruti, which had a market share of 45 per cent last year, has targetted to increase it to 50 per cent in the compact car segment, they said, adding that recent reduction in steel prices has also forced the car maker to pass on the benefit to the consumers.

The company had launched its new-look Zen recently without tinkering with the prices while modified version of Wagon-R was also launched some time back.

Sources said that prices have been reduced ranging between Rs 8,000 to Rs 9,000.