New Delhi: Country’s hot-selling smartphone brand Xiaomi on Friday has announced that it is going to permanently cut the prices of as many as five of its handsets in India, a day after the International Data Corporation (IDC) declared that the company was the market leader in the third quarter of 2018 in the country. “We are delighted to share that we have seen a reduction in component costs of some of our best-selling phones. We were announced as the number one smartphone vendor in India for the fifth consecutive quarter, news agency IANS quoted IDC Quarterly Mobile Phone Tracker statement.

According to the IDC report, the Chinese smartphone maker has shipped 11.7 million units and became the top brand in the Indian market with 27.3 per cent share in the third quarter this year. “As a celebration of that, Xiaomi is announcing price cut for five smartphones,” the Xiaomi said in a statement.

Check the revised price of the following Xiaomi smartphones in India:

Redmi Note 5 Pro (4GB + 64 GB)

Previous price: Rs 14,999

Revised price: Rs 13,999

Mi A2 (4GB + 64 GB)

Previous price: Rs 16,999

Revised price: Rs 15,999

Redmi Y2 (4GB + 64 GB)

Previous price: Rs 12,999

Revised price: Rs 11,999

Redmi Note 5 Pro (6GB+128GB)

Previous price: Rs 16,999

Revised price: 15,999

Mi A2 (6GB+128GB)

Previous price: Rs 19,999

Revised price: 18,999

Xiaomi notes that all of these new prices will come into effect from 12: 00 pm IST today, across all sales platforms. On the backdrop of changes in PCBA import taxes and the rupee depreciation against the US dollar, Xiaomi had increased the price of the Redmi Note 5 Pro variant in May this year. The price of the 4GB RAM variant was increased back then by Rs. 1,000, and now the new price introduced by Xiaomi today brings it back to the original launch price.

With fierce competition happening in the mobile phone vertical, this is for the first time that both smartphone market and feature phone market stand neck to neck with each contributing 50 per cent to the overall mobile phone segment.