The production have stopped of Foxconn and Wistron Crop India to comply lockdown of 21 days in India ordered by Prime Minister Narendra Modi, hitting the output of Apple Inc. Iphone and other gadgets. A Wistron representative said the company is also adhering to the order, while declining to comment on exactly what products are affected.
Modi has surprisly announcemengt of 21 days lockdown the most far reaching measure ujdertaken by any government to curb the coronavirus pandemic may affect the operation of the global technology giants kis one of the world’s fastest growing market for devices. An Apple representative didn’t provide immediate comment when contacted.
Apple has only a sliver of India’s booming smartphone market because high prices and hefty import tariffs of as much as 20 per cent put its products beyond the reach of average Indians. But the company views the country as important for longer-term growth. The Cupertino, California-based company has an office with thousands of employees in Hyderabad, working on Apple Maps data. They too are likely to be impacted by the government’s virus-fighting measures.
Read EquityPandit’s Nifty Outlook for the Week