Google, Reliance Defer Budget Smartphone Launch In India

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.