It is called capitalism mate, undercutting is a part of life, the idea is that you want people to buy from you not someone else... Although undercutting by 60% is a lot if that happened
I'm aware of these business tactics; studied business, eco and commerce during highschool. And with all seriousness, people are doing a 60% cut and it is really outrageous. I can understand lowering your price by 50-100k but when you're cutting prices by >50% what's the point in even trying to sell an item to make some sort of profit?