Apple Stock price declined sharply as investors were worried about visionary CEO Steve Jobs going on medical leave. Apple was trading 2.61% lower at $83.08 at 1.55 PM EST. Steve Jobs announced that he would take leave till June end to deal with serious health issues.

Apple announced that COO Tim Cook will manage the operations of the company while Steve Jobs will be helping the company in major decisions and strategies.

Some technical experts believe that Steve will still be a major driving force for Apple and there isn’t any reason to worry at the moment about company’s future earnings and business model.

Some investors were worried and sold the stock at lower prices. The stock had witnessed a bigger percentage fall during the afterhours trading.

The stock touched an intraday low of $80.05 and a high of $83.08. The volume was higher at 43.3 million compared to average volume of 31.58 million shares.