- Indian conglomerate Reliance Industries has postponed the budget smartphone launch with Alphabet Inc's GOOG GOOGL Google to November during Diwali festive season, citing the global semiconductor crisis.
- Diwali falls on November 4 this year. The launch was previously planned for September 10.
- The companies expect additional time to help mitigate the crisis.
- Additionally, the Indian festive season, which lasts for a month, will be a significant driver for smartphones.
- Price Action: GOOG shares traded lower by 1.53% at $2,853.90 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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