Asked to Leave by the company

It's been 7 months since I've been working with a company in Gurgaon. From Jun onwards, they reduced my salary by 40% (there was no written communication,only verbal). Now they are asking me to leave as the company is going through a financial crisis and also downsizing (they are ready to mention this in the letter). However, there are other employees at the same salary as mine and they are not being asked to leave. What's the general process and can I demand 3 month's salary . Please help.

Since you have not competed one year of service, if the employer asks you to go, you can go without receiving any compensation. On what ground can you demand 3 months'salary ? Is it written anywhere in the contract of employment? Even if it is there, you will be wasting your time in litigation because when the company is in financial trouble, they will not respond to such demands.
Yes, there may be other employees with the same salary who are still there.But they should have joined before you joined. The law states that the last person should be the one who should be asked to go in case of such situations. Most probably, they will also be asked to go.

I was just given the offer letter which stated that I will be on probation of 6 months, which is already over. There are only 2 other employees who have the same joining date as mine and 2 joined after about 15-20 days later and 3 new joinees who have just joined about 10 days back. i mean if the company is going through financial crisis, then why would they hire new people??

Did you ask this question to the concerned person of the company? No. Why? If you want to fight for your rights you can. Did you get a communication that you have been confirmed in service? No. Then still you are on probation. You cannot say that your probation has expired and you should get the status of confirmed employee because as per law confirmation does not take place automatically, for that written communication is required to be served to the employee and so long as that communication has not been served the employee would continue to be as probationer.
Now, it is open to you, you can leave or fight. Considering the present economic scenario of India the possibilities of getting a favour seems to be very remote. Moreover, the company will always think of downsizing only whenever they feel the system is not going in the right direction as they visualised.