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Imagination Tech shares plunge 69 pct as Apple abandons British firm
![Imagination Tech shares plunge 69 pct as Apple abandons British firm]( "Imagination Tech shares plunge 69 pct as Apple abandons British firm")
Shares in Imagination Tech crashed 69 percent on Monday after its biggest customer Apple said it would stop using the British firm's graphics technology in the iPhone and other products in up to two years' time. Shares in Imagination, in which Apple holds an 8 percent stake, plunged to a seven and a half-year low. Imagination said Apple, its biggest customer, was developing its own independent graphics processing chips, which would reduce its reliance on the company.
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