(Yicai Global) July 19 -- Foxconn Industrial Internet’s shares fell after the Shanghai-listed unit of Apple supplier Hon Han Precision Industry, better known as Foxconn, refuted media reports that it had signed a deal to build a plant in India.

Foxconn Industrial [SHA: 601138] finished 1.7 percent lower at CNY25.09 (USD3.48) a share today, after swinging between a gain of as much as 3.5 percent and a drop of 3.1 percent. The wider Shanghai market ended little changed.

Foxconn Industrial has not entered into an agreement to invest in India nor committed to any investment, the Shenzhen-based company said yesterday.

According to recent Indian media reports, M. B. Patil, minister for commerce and industrial infrastructure in India’s Karnataka state, said on July 17 that Foxconn Industrial will invest INR88 billion (USD1.1 billion) in Karnataka to build a factory to make iPhones, creating thousands of jobs.

Foxconn Industrial’s parent firm Foxconn withdrew from a USD19.5 million semiconductor joint venture with India’s Vedanta Group on July 10, Shanghai Securities News reported.

Editor: Futura Costaglione