China banned "iPhone", Apple shares collapsed!

Apple shares fell significantly following China's decision to extend its iPhone ban to more government departments and agencies.

Although the use of iPhone or foreign products is already banned for employees of critical government agencies in China, the scope of this ban has recently been greatly expanded. Following the "iPhone" ban, "Apple" shares fell significantly.

China is a huge market for Apple. China also accounts for 18 per cent of Apple's iPhone revenue.

Following the ban, Apple's stock price fell 10 per cent in two days. After the stock market crash, Apple lost more than $ 200 billion. The firm's market capitalisation fell to $ 2.78 trillion.