Business

Micromax’s share of Indian smartphone market plummets, CEO resigns

Micromax, which is the number two smartphone player in India, saw a massive erosion of its market share in Q4, 2015. According to market research firm Canalys (which tracks phone shipments in the country), the company’s share plummeted to 13.2% last quarter from 21.7% the quarter prior.

On the other hand Samsung, which sits at the top, further consolidated its position – its share of the market increased from 22% to 26.1% last quarter. The third spot was claimed by China’s Lenovo with 11% market share.

Meanwhile, in a related development, Micromax’s CEO Vineet Taneja has resigned. He was on the job for the past two years. Officially, the company said Taneja left “to pursue other interests,” adding that “the co-founders and senior leadership are very well entrenched in to the operations and the business is as usual.”

Via