Several brick-and-mortar retail stores across the Delhi-NCR region that ET spoke to said sales were down 70-80% from pre-demonetisation days.
Samsung is set to lose the top spot in the premium segment to Apple, absence, or delays, of a fresh model to create opportunity for competitors.
Retailers, of electronics and phones, have started rolling out various schemes to incentivise purchases with the aim of selling as much inventory as possible.
Handset makers fear that lack of clarity on the duty dispensation could not only upset the momentum of local manufacturing growth but also put at risk investments.
Traders in Gafar Market in New Delhi and Heera Panna market in Mumbai, which are among the largest grey markets in India, no longer use the demonetised notes.
While the dip in demand is expected to be short term, the impact would be seen more in non-urban areas or mom-n-pop stores where cash is the primary mode of transaction, retailers and sector analysts said.
Despite high demand, Apple may fail to cash in on the absence of Samsung Note 7 due to supply issues
Analysts caution that while the sheer volume of shipments in October could point towards a record October-December quarter for Apple where it could ship well over a million devices.
Flipkart alone is said to have amassed $500 million by selling 15.5 million units.
"The Navi Mumbai plant will be set up by early next year, with a target capacity of about 2 million a month," a senior industry executive said, asking not to be named.
We used to sit at churns of 8-8.5% a month, went down to 2.5-2.6%, but now inched up to 3.5% because of competitive intensity.
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