Apple Stock Fell After Apple and Foxconn Said They Would Be Lobbying Indian Labor Laws To Be More Flexible

Apple Stock

Apple (NASDAQ:AAPL)

According to reports, Apple (NASDAQ:AAPL) and its manufacturing partner Foxconn were successful in their efforts to lobby for more progressive labor legislation in the state of Karnataka in India.

According to the Financial Times, which was the first publication to report the news, the legislation that was supported by Apple and Foxconn, also known as Hon Hai Precision (OTCPK:HNHPF), now permits women to work 12-hour shifts and night-time work, which is comparable to what occurs in China.

With China’s COVID-related lockdowns from the previous year and rising tensions between the United States and China, Apple and its manufacturing partner Foxconn have collaborated on efforts to relocate the manufacture of the tech giant’s gadgets away from the nation.

According to several reports from December, Apple was considering the possibility of transferring some manufacture of its iPad tablet to India to continue diversifying away from China.

The company’s headquarters are located in Cupertino, California. Apple revealed in September of this past year that it will be building portions of its iPhone 14 smartphone range in the Indian country of India.

J.P. Morgan, an investment company, predicted that Apple will relocate 5% of its iPhone manufacturing to India this year and may move up to a quarter of its iPhone production to the nation by 2025. J.P. Morgan made these projections last year.

In early trading on Friday, the price of Apple stock dropped by 0.7%, reaching $149.53.

LightShed Partners reduced its rating on Apple stock on Friday due to concerns over a “more cautious” expectation for iPhone sales and slower growth in the Services segment.

Featured Image: Unsplash @ andywang02021

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