Apple shares have dropped to their lowest point since last November, as major iPhone manufacturer Foxconn announced a week-long shutdown of two of its factories.

Foxconn has shut down two sites in Shenzhen, China, as the city undergoes a COVID-19 lockdown. One of these factories manufacturers iPhones and is the company’s second-largest production hub in China.

Apple shares are now below their 200-day average for the first time since June, with the overnight drop erasing over A$93.1 million off Apple’s market capitalisation.

The stock is now down 17 per cent since its January peak.

It is unknown whether this week-long shutdown will impact the roll out of its recently released iPhone SE device.