Apple's (NASDAQ:AAPL) seven-month slump deepened on Wednesday as the former tech darling tumbled below the $400 threshold for the first time since late 2011 amid jitters about shrinking iPad shipments.
The latest retreat for the consumer electronics behemoth leaves its stock down more than 24% so far this year and its market capitalization below the $400 billion level.
Apple shareholders were spooked by a report in closely-watched Taiwanese paper DigiTimes that revealed iPad mini suppliers are bracing for a 20% to 30% tumble in shipments in the second quarter as consumers put off purchases ahead of the next generation of devices.
A spokesperson from Apple declined to comment on "rumors."
Wall Street took the opportunity to inflict further damage on Apple's stock, which fell as low as $398.11, representing a 6.6% retreat from Tuesday's close of $426.24. Apple hadn't traded below $400 since December 23, 2011.
Since registering all-time highs at $705.07 in late September, Apple has tumbled as much as 43.5% and fallen into a bear market amid concerns about its ability to continue growing at a rapid pace, especially on the mobile front against South Korean electronics giant Samsung.
Cupertino, Calif.-based Apple bounced off session lows and was recently down 5.29% to $403.71.