Foxconn's Shares Plummet Amidst China Tax Audit and Land Use Investigation

Shares of Foxconn, a major supplier of Apple's iPhones, dropped by as much as 3% after reports emerged that the company is under investigation for tax audits and land use probes in China. The Chinese state-backed Global Times reported that some of Foxconn's subsidiaries in China are being audited for taxes, while the country's natural resources department is conducting on-site investigations into the land use of Foxconn enterprises in Henan and Hubei provinces. The investigations come just months ahead of Taiwan's presidential and parliamentary elections. Foxconn stated that it would cooperate with the relevant units on the investigations.