Chinese technology company Xiaomi, which on Thursday emerged as leader in India's mobile phone market, announced today to permanently slash the prices of five of its models in the country. Notably, the International Data Corporation (IDC) report stated that Xiaomi has shipped 11.7 million units to become the top brand in the Indian market with 27.3 per cent share in the third quarter of 2018. 
 
“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," Xiaomi statement said.
 
Elated over the development, Xiaomi further added, “As a celebration of that, Xiaomi is announcing price cut for five smartphones.” 
 
The Chinese technology firm stated that the new prices will come into effect across all sales platforms from 12 pm IST today. In the wake of changes in PCBA import taxes and the rupee depreciation against the US dollar, Xiaomi earlier increased the price of the Redmi Note 5 Pro variant in May this year. The price of 4GB RAM variant was hiked by Rs 1,000, but the new price brings it back to the launch price.
 
After the price revision, the prices of five Xiaomi smartphones in India are given below:  
 
1. Redmi Note 5 Pro (4GB + 64 GB) which was previously available at Rs 14,999 is now priced at Rs 13,999.
 
2. Mi A2 (4GB + 64 GB) was previously priced at Rs 16,999 is now available at Rs 15,999.
 
3. Redmi Y2 (4GB + 64 GB) earlier priced at Rs 12,999 is now available at a cheaper price of Rs 11,999.
 
4. Redmi Note 5 Pro (6GB+128GB) actually costed Rs 16,999 is now priced at Rs 15,999.
 
5. Mi A2 (6GB+128GB) previously priced at Rs 19,999 is now available at a price of Rs 18,999
 
In the prevailing cut-throat competition, both smartphone market and feature phone market reportedly stand neck and neck with each contributing 50 per cent to the overall mobile phone segment.