Apple shares plunged and the American electronics giant lost nearly $200 billion in market value after Beijing banned government officials from using the iPhone.

China’s Ban Causes Apple’s Market Value to Drop by $200 Billion

Apple’s market value has fallen by almost $200 billion after reports that China banned government employees from using iPhones and other foreign devices for work or bringing them to the office.

Apple shares fell 3% on Thursday and are down 6.4% in the past two days.

Yesterday, the company’s shares closed trading down 2.92% to $177.56, according to Bloomberg data.

Source: RT