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This sounds just like street shopping tactics. Bhaiyya woh dukandaar ne toh 100 rupay me bech raha tha aap iskeliye 200 bol rahe he. Barabar daam bata dijiye. Varna me vaha he khareed loongi
Undercutting is just cheap tactics
The newly made/new book partners also drop rates to build a book and clients tout those rates to T2/Boutiques saying oh Tier 1 has given me this rate - can you match.
Note: There are other reasons too which are not our fault but that's not point of discussion
Curious whether others in the mid-market space are seeing the same pattern, and how you're responding