New iPhone 5S at Apple Inc's media event in Cupertino
Phil Schiller, senior vice president of worldwide marketing for Apple Inc, talks about the new iPhone 5S at Apple Inc's media event in Cupertino, California Sept. 10, 2013. REUTERS/Stephen Lam

Apple launched the iPhone SE in Cupertino, California, Monday, March 21, reintroducing its legacy that it was once famous for — a 4-inch iPhone — after it abruptly shifted to large-screen iPhones in 2014. The introduction of the iPhone SE showed the doors to iPhone 5s from its official online store, sparking rumours that the 2013 flagship might have been discontinued.

But that's not the end of the iPhone 5s, which was once the most popular iPhone that revived Apple's reputation as the brand for innovation, as rumours suggest the three-year-old flagship would get cheaper following a major price cut. Although officially unconfirmed, media reports speculate that the iPhone 5s would sell for as low as $200 (approximately Rs 13,300).

Earlier this month, MacRumors reported that Apple might slash the price of its iPhone 5s by 50 percent after the iPhone SE hits the market, making it available for $225 in the next few months. If the price cut takes place, iPhone 5s would sell at its lowest point ever, making it fall to budget device category.

The iPhone 5s price drop could also bring in a lot of new customers on board, who were skeptical to invest in premium iPhones for their high price tags. It could also help Apple boost sales in emerging countries like India and Brazil.

While the price cut on iPhone 5s is reported to take place in the U.S., there is little evidence that Apple might deliver the same for the Indian market. If the iPhone 5s price drops in India as per the rumoured price range, it would sell for as low as Rs 12,000 to Rs 13,000.

The company is expected to ship 25 million iPhone 5s units in 2016, twice as much as the iPhone SE shipments, analysts predict.

The iPhone 5s features a 4-inch Retina display, 8MP iSight camera, 1.2MP front snapper and a 1560mAh battery. It was Apple's first iPhone to feature a fingerprint sensor integrated within the Home button. The iPhone 5s is powered by an A7 processor and M7 co-processor, which is paired with 1GB RAM. The handset comes in 16GB, 32GB and 64GB storage variants and gold, silver and space grey colours.

The iPhone SE, on the other hand, would be available in India early April, starting at Rs 39,000.