The 2-litre diesel version of the car will cost Rs 7.79 lakh against the earlier price of Rs 8.72 lakh, the company said.
On the other hand, the 1.5-litre petrol version of the model will cost Rs 6.59 lakh against the earlier price of Rs 7.27 lakh.
"Our growth strategy for 'Lancer' is guided by the principle of making available quality products at value-for-money prices... attractive pricing will now enable us to draw people," S C Gupta, HM vice-president said.
The company said the Bharat Stage III variant of the petrol model will cost an additional Rs 38,000 while diesel Rs 18,000.