HTC is reportedly withdrawing from the Indian market

HTC has had a rough month, going public about its lay off of 1,500 employees at its manufacturing plant in Taiwan and experiencing its largest sales slump in two years. Now, it is being reported that the company is pulling out of the Indian market, amid stiff competition from Chinese handset manufacturers.

The Economic Times reports that the company's management, which includes several top members of the company, have handed in their resignation papers. The majority of the team, which consisted of around 70 to 80 members, have been asked to leave. The company does have a small team to keep day-to-day operations going for now.

The firm is also ending all of its distribution agreements in the county and local manufacturing was discontinued almost a year prior. HTC won't be pulling out of the country completely, however, as it will still market VR devices in the country. At this time, HTC's physical smartphone business within the county has ceased, but an executive with the company did state that it would continue to sell its phones online and provide support.

Source: The Economic Times | Image via HTC (Twitter)

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