HTC has not been doing well lately, to say the least. The company is currently laying off 1,500 employees, and its June sales were down 68% from last year. Now there are reports that HTC is exiting the Indian market, which the company is denying.

ET Telecom reported earlier today that three senior HTC executives for India have resigned. This includes the head of Indian operations (Faisal Siddiqui), head of sales (Vijay Balachandran), and head of product (R Nayyar). The report also said HTC laid off 70-80 employees in the country and ended all distribution agreements.

In response, an HTC spokesperson said the company will continue to sell phones in India, and that the reduction in staff was to reflect local and regional market conditions. "There are still more than ten employees in the India office providing full functionality," the representative said.

If HTC is remaining in India, then it has other problems to worry about. The company reportedly owes millions of Rupees to local distributors, including MPS Telecom and Link Telecom. The HTC spokesperson said, "We are working with channel partners to ensure no disruption on business and service to our customers."