Xiaomi says that this sudden price cut is as a part of its "philosophy of honest pricing" and giving something back to the consumers when the company makes more than 5 percent profits. This comes after the recent IDC report of Xiaomi shipping 11.7 million unit smartphones in Q3 this year and being the top smartphone manufacturer in the Indian smartphone market with 27.3 percent share. It should be noted that the company is speculated to launch the Redmi Note 6 Pro in India at an event on November 22 and this would be the best time to clear out older stocks. The new prices are effective immediately and across all sales platforms. 

The price drop comes soon after Xiaomi hiked the prices of its Redmi 6A, Redmi 6, Mi LED TV and Mi Power Bank 2i in India. The company says that the reason for the price hike is the depreciating value of the Indian Rupee, which fell by nearly 15 percent against the US Dollar. The price of the 2GB RAM + 16GB storage variant of the Redmi 6A has received a hike of Rs 600 and it is now priced at Rs 6,599, up from its launch Rs 5,999. The 3GB RAM/ 32GB storage variant of the phone will now cost Rs 7,499 after getting a hike of Rs 500. The Redmi 6 3GB RAM/32GB storage will cost users Rs 8,499 after a hike of Rs 500.