Apple has reduced the price of the iPhone 5s by about 50 percent compared to what it was in September this year.

iPhones are undoubtedly one of the most popular smartphones across the world. The iPhone 5s is two generations old but the handset accounts for 50 percent of the total iPhone sales in India. Apple's decision to reduce the price of the iPhone 5s is to attract more customers to the company and also increase sales.

In September 2015, the price of the 16 GB iPhone 5s in India was Rs. 44,500 (about $660). However, Apple has reduced the price to Rs. 24,999 (around $370).

The latest price cut has been the third since September. The sales of the latest iPhone 6s and the iPhone 6s Plus in India nosedived after Diwali in early November, which may have prompted Apple to reduce the price of the iPhone 5s even further.

"iPhone 6s and 6s Plus sales has again dampened after a brief period of pick up during Diwali, which prompted Apple to successively bring down [the] price of iPhone 5s," per a senior executive with a leading retail chain. "This is interesting since iPhone 5s has been their best seller in the Indian market and companies seldom drop prices such frequently for popular models."

An International Data Corporation report highlighted that 26.5 million smartphones were shipped to India in 2Q of 2015, which is an increase of 44 percent in comparison to the same period of 2014. IDC also predicts that by 2017, India will overtake the U.S. and will become the biggest smartphone market in the world.

However, Apple was not among the top five smartphone vendors in India during 2Q of 2015. Samsung had the highest smartphone market share during the period with 23 percent, followed by Micromax that has 17 percent of the market. Intex, Lava and Lenovo occupied third, fourth and fifth positions during the same period.

The latest price cut on the iPhone 5s may help Apple grab some market share in India.

Experts suggest that even though the iPhone 5s is two years old, its price point may attract many customers who are looking to purchase a mid-ranged mobile phone. Customers of the iPhone 5s will also get to enjoy the company's latest iOS 9.

Currently, Flipkart is selling the 16 GB iPhone 5s for Rs. 21,938 (about $326) and Amazon India for Rs. 21,499 (around $320).