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Apple Inc. (NASDAQ:AAPL) supplier Hon Hai Precision Industry Co. Ltd.’s (OTC:HNHPF) production of the iPhone 12 at a factory in India has slumped by more than half amid the second wave of coronavirus infections that has engulfed the South Asian nation, Reuters reported Monday, citing two sources.
What Happened: The factory of Hon Hai, better known as Foxconn, is located in Tamil Nadu, an Indian state among the worst hit by the surge in COVID-19 cases.
See also: How To Buy Apple Stock
The state is also a large mobile handset manufacturing hub and plays host to Nokia Corporation (NYSE:NOK), Samsung Electronics Co. Ltd. (OTC:SSNLF) and Lenovo Group Limited (OTC:LNVGY) subsidiary Motorola, among others.
Taiwan-based Foxconn has enforced a no-entry ban at the factory until late May after more than 100 workers at the factory tested positive for COVID-19, according to the Reuters report. The factory provides dormitory accommodation for employees.
Taiwan News had previously reported that after 10 Chinese engineers were found to be infected with COVID-19, the Foxconn factory was disinfected and continued to operate without completely shutting down.
See Also: Apple Is Funding II-VI To Accelerate Delivery Of iPhone Components: What You Need To Know
Why It Matters: Apple’s supply chain has been hit amid the second wave of coronavirus in India. The tech giant is in the process of diversifying production to India and Vietnam in a bid to move away from Chinese manufacturing.
More than 400,000 daily new coronavirus cases are being reported in India over the past few days. Several states in the country have imposed complete lockdowns due to the steady rise in coronavirus cases.
Price Action: Apple shares closed almost 2.6% lower in Monday’s trading at $126.85. On the same day, Hon Hai shares closed almost 3.5% lower at $8.08.
Read Next: Cathie Wood Cuts Apple Stake By 30% And Buys Coinbase, DraftKings
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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