NEW YORK (TheStreet) -- Shares of Apple (AAPL - Get Report) are down 0.27% to $93.37 at the start of trading on Thursday, as India rejected the tech giant's plan to import used iPhones, according to two telecoms ministry officials cited by Reuters.

This dealt a setback to the Cupertino, CA-based company, which has been looking to bolster declining sales of its smartphones.

Apple sells refurbished iPhones at a lower price in some countries, such as the U.S. Expanding this to India would have likely helped boost its presence in one of the world's fast-growing smartphone markets against rivals with less expensive products, Reuters noted.

India is pushing a "Make in India" initiative in an attempt to increase the competitiveness of its manufacturing sector. The country rejected the proposal, pointing to rules against importing used electronics, a senior official at the Ministry of Communications and Information Technology told Reuters.

"This was one of the proposals Apple had made, and we have decided not to allow used phones to be imported to India," the unnamed official said.

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Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins.

The team feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: AAPL