X's India revenue plummeted an incredible 89.8% to $2.51 million in the fiscal year ending March, according to a regulatory filing from Elon Musk's social network.

The company lost much of its expense base in India as well, reportedly decreasing down to $2.2 million from $20 million year-over-year, the filing reported. Revenue dropped to $24.7 million in the previous fiscal year.

Yet, in the fiscal year ending March, India unit managed to report a profit of $380,000, lower compared to $3.62 million recorded the previous year.

Musk had earlier identified India as an important market for Twitter. In a previous lawsuit that Musk had filed against Twitter, he testified that he believed India was the company's third largest market.

In any case, it is not known why X's revenue declined so sharply in the country, though this coincides with widespread local and global layoffs. The decline also mirrors the platform's global struggles to retain advertisers.