The 4GB version of the standalone XBox 360 was earlier being sold for Rs 15,990. Similarly, Microsoft has also reduced the price of 4GB Xbox 360 with Kinect to Rs 21,990 (from Rs 26,990) and 250GB Xbox 360 with Kinect to Rs 29,990 (from Rs 31,990), Microsoft said in a statement.
     
"Since its launch, Xbox has been instrumental in providing a gaming experience like never before to fans across the world," it added.
     
The company will also bundle two games -- Call of Duty: Black Ops II and Call of Duty: Ghosts -- and Xbox Live Gold membership for a month for buyers of Xbox 360 500GB (priced at Rs 19,990).
     
For the quarter ended December 31, 2014, Microsoft sold 6.6 million XBox units, with strong holiday season performance.
     
According to a FICCI-KMPG report, the gaming industry in the country is estimated to have grown from Rs 700 crore in 2008 to Rs 1,920 crore in 2013. It is further projected to touch Rs 4,060 crore by 2018.
     
The gaming market in the country is in the nascent stage, with mobile games accounting for the lion's share. The Indian gaming console market was estimated to be worth Rs 750 crore last year, according to market insiders.