Since the launch of iPhone 5, the company's stock has fallen nearly 40 percent and Analysts are yet to get response from Apple's management on its strategy to gain in emerging markets such as China and India.

According to research firm Strategy Analytics, an estimated 10 million Smartphones were sold in India during the first three months of 2013, making it third-largest market in the world.

In wake of such a no-show by iPhone, its country distributor, Redington, too is facing slowdown, with sales down from 1,100 crore worth of iPhone in the last five months of 2012 to Rs 800 crore in 2013. Sales of iPhones make up some 7 percent of Redington's revenue, according to a company’s distributer based in Chennai.

According to analysts, Kawoosa, the discounts and EMI schemes may have affected Apple's brand image among high-end Smartphone users, thus resulting in further decline of sales.

Read Also: 10 Surprising Things You Never Knew Is Running On Linux  and Defence Ministry's New Rule To Cost Indian IT Cos $10 Billion