Samsung’s brand new flagship Galaxy S5 smartphone is barely a week old but it has already seen a substantial price cut in the third largest smartphone market in the world. The new Samsung hero phone recently went on sale in India at Rs. 51,990 ($860) off contract. When HTC’s new HTC One (M8) launched in India on Monday for 49,990 ($827), however, the cost of Samsung’s new Galaxy S5 was immediately slashed as a result.

As noted by SamMobile, Samsung’s new flagship phone is now listed at Rs. 46,831 ($775) in white by popular cell phone retailer Flipkart. The new price represents a significant drop of about 10%, and the blog expects the price of the black version to follow soon.

Samsung’s new Galaxy S5 saw its official global debut on April 11th and early reports indicate that sales have been strong in many regions. Despite the recent struggles of smaller rival HTC, however, Samsung has gone on the offensive in an effort to draw attention away from the company’s new One (M8) smartphone.

Speaking with BGR during an exclusive interview, HTC America president Jason Mackenzie said Samsung is right to be afraid.

Are you currently deciding between the Galaxy S5 and the HTC One (M8)? Click here to find out which new flagship is the best Android smartphone in the world.

UPDATE: Samsung has issued a statement to BGR India in which it clarified that it was not responsible for the price reduction.