A survey released Thursday by New Delhi consulting firm LocalCircles found Indians increasingly reluctant to receive vaccinations for the Wuhan coronavirus as cases in India decline from their September peak.

The Indian government is expected to approve several vaccines, including the Pfizer vaccine currently rolling out in the United States, within the next few weeks.

“It appears some of the key reasons for the hesitancy are limited information about side effects, efficacy levels, and a growing belief in parts of the population that Covid-19 [Chinese coronavirus] cannot affect them because of their high immunity levels,” LocalCircles said in a statement quoted by Reuters. Some of the respondents explicitly cited their belief that parts of India are approaching “herd immunity.”

The survey found 69 percent of Indians were hesitant to receive a vaccination, at least until more is known about its effectiveness and side effects. 

The All India Institute of Medical Sciences (AIIMS) complained Thursday that it has not been able to find the required number of volunteers for Phase Three trials of a coronavirus vaccine being tested by Bharat Biotech and the Indian Council of Medical Research (ICMR).

“We wanted 1,500-2,000 participants but so far, we have been able to recruit only around 200 participants. People are unwilling to participate in the exercise thinking why take part in a trial when a vaccine would be available soon for everyone,” said Dr. Sanjay Rai, lead investigator in the vaccine trial.

According to Rai, the Phase One and Two trials were swarmed with applications from willing participants, but interest declined sharply when Phase Three began. No serious side effects were reported from the Phase One trial of the vaccine.

Despite this reluctance, investors evidently expect heavy demand for coronavirus vaccines in India, as pharmaceutical and biotech share prices are steadily rising in anticipation of a vaccine rollout. Bharat Biotech share prices are the subject of much interest based on Google search data, even though the company is not publicly listed.