Prices have been slashed on four of its smartphone models, including the entry-level Curve 8520. The four models accounted for about 60 percent of the company's sales in India.

RIM is doing this in a move to boost sales in the world's second-biggest mobile phone market, according to the report.

RIM is facing severe competition from Apple and Android smartphones in India.

said in a report RIM has made this move one day ahead of its Q4 2011 earnings announcement. "The price cuts show that demand for their products must be lower than they had hoped in the subcontinent," said the website. "The cuts are probably an attempt to move more models of their phone and take a cut in the margin."

According to , RIM beat expectations in the third fiscal quarter when it reported revenue of $5.2 billion and earnings of $1.27 per share, but analysts are bracing themselves for a disappointing fourth quarter.