He said the move will also lead to traffic congestion and increased pollution levels in the national capital.
Calling an attention motion in the House on the fare hike, the minister said DMRC was started as a social venture to end congestion and pollution on Delhi's roads.
It is not a business venture, he said.
Jain, who holds multiple portfolios of urban development, PWD, health and home, said the two categories of --students and office goers - will be worst affected by the hike.
He also reiterated the AAP government's stand that a "conspiracy" has been hatched to benefit private cab operators with the new move.
"I want to know the actual purpose of the hike. Has it been done to increase revenue collection or is there any other intention behind it?" Jain asked.
Citing the fares of Airport Metro, the minister argued that its maximum ticket was Rs 120 but the amount had to be slashed by up to 50 per cent in view of low ridership and thereafter, the ridership saw an increase.
"I can say based on facts that the ridership in Metro will come down due to the fare hike. There is a conspiracy to increase (traffic) congestion and pollution in Delhi," Jain told the House.
The AAP minister also wondered whether the Metro will be able to maintain its average annual ridership at 8 per cent. He said the revenue collection of the corporation will take a beating as large numbers of commuters will shift to alternative transportation.
Meanwhile, the ruling Aam Aadmi Party has announced 'Metro Fare Satyagraha' against the fare hike from tomorrow.
The party will launch 'Satyagraha' at all metro stations of the city at 4 pm tomorrow. On Friday, AAP volunteers will gherao Nirman Bhavan which houses the urban development ministry.
The AAP-led Delhi government has been opposing the Metro fare hike. The Delhi Assembly had also passed a resolution against the hike. Chief Minister Arvind Kejriwal has termed the fare increase as "anti-people".
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)