Parle Bisleri enjoyed the market leadership in the Indian packaged water industry for nearly two decades. However, it gradually lost a significant market share to global players like Coca-Cola and PepsiCo, ultimately ceding its market leadership to Kinley, a rival brand by Coca-Cola. This case tries to capture the factors that contributed to the early success of Bisleri and its subsequent loss of market leadership to a fledgling rival brand in the Indian packaged water market. It also analyzes and compares the strategies adopted by Bisleri and Kinley and weighs the different options available to Bisleri to regain its lost position.