Apple’s market cap fell by $200 billion in two days due to China’s iPhone ban

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New Delhi. According to media reports, Apple’s shares have fallen for the second consecutive day after the report of banning the use of iPhone on Chinese government employees.

According to the BBC report, the company’s stock market valuation has fallen by more than 6 percent, or about $200 billion, in two days.

China is the tech giant’s third-largest market, accounting for 18 percent of its total revenue last year.

It is also where most of Apple’s products are manufactured by its largest supplier, Foxconn.

The Wall Street Journal reported that Beijing had ordered central government agency officials not to bring iPhones to the office or use them for work.

The next day, Bloomberg News reported that restrictions could also be imposed on workers at state-owned companies and government-backed agencies.

These reports come ahead of the launch of the iPhone 15, which is expected to take place on September 12, BBC reports.

There has been no official statement from the Chinese government in response to the reports.

According to BBC report, Apple’s stock market valuation is the highest in the world at around $2.8 trillion.

Shares of some of Apple’s suppliers have also fallen.

The price of Qualcomm, the world’s biggest supplier of smartphone chips, fell more than 7 percent on Thursday.

Shares in South Korea’s SK Hynix were down about 4 percent on Friday, the BBC reported.

These reports came when tensions remain between Washington and Beijing.(IANS)

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