Apple sold 100,000 iPhones in just three days in India following the country's demonetisation of some of its high-denomination notes.

Both Rs 500 and Rs 1000 notes were demonetised on November 8th 2016. People rushed out to purchase high-value items like gold and technology to make up for their loss of legal tender.

The sudden influx of iPhone sales means that Apple is the only manufacturer to hit sales targets for November. Sales of its handsets are estimated to have grown 20-30% during the month.

Supply & demand

Stores quickly sold out of the devices and began charging a premium for them as demand grew. Shop owners back-dated the receipts to bypass the demonetisation of the notes.

The smartphone market in India is expected to shrink by 10% for the last quarter following the demonetisation.

[Source: Economic Times]