Redington plunges on buzz Apple hires new distributor in India

Shares of Redington India took a knock by plunging 7 per cent today, amid reports that Apple, the maker of iPhones and iPads, was looking to appoint another distributor to sell its products in the country.
Redington India and Ingram Micro are the authorised distributors of Apple products in India.
After slumping 19 per cent to Rs 107 in intra-day session, Redington's scrip made some recovery but was still down 6.58 per cent to Rs 123.45 at close on the BSE.
At the NSE, it tanked 7.02 per cent to end at Rs 122.50.
According to media reports, is roping in global retail firm Brightstar to sell its devices in India.

Meanwhile, in a clarification to the BSE, the company said, "Redington and Apple have seen great success in the Mac business and iPhone business in the last two years and are working very closely to maximise growth of these categories. In iPhone, Apple is well poised to gain and grow a higher market share in the fast growing smart phone category."
Redington is closely aligned with Apple in its strategy and will continue to be the leading distributor for Apple in the period going forward.
"We wish to inform you that given the aggressive plan of Apple to significantly grow the iPhone business, Apple is relooking at its distribution landscape and redefining its customer segments and realign the geographies being addressed. We strongly believe that all the new initiatives by Apple to expand and grow the business will significantly benefit Redington resulting in Redington continuing at the leadership position in future as well," it added.