Today's Coming Crisis Movie

Monday, August 27, 2012

Samsung shares tumble on ruling



(CNN) -- The share price of Samsung Electronics dropped nearly 7.5% in trading Monday as investors had their first opportunity to react to the more than $1 billion decision against the Korean electronics giant by a California jury for infringing on Apple patents.

Samsung dropped 6.3% at the open of South Korea's Kospi index and finished the day down 7.45%, after dropping as much as 7.7%. The tumble erased about $12 billion from the company's market value Monday.

Samsung is planning to appeal Friday's decision of a U.S. federal jury which awarded Apple $1.05 billion for copying the look and feel of iPhones and iPad design. The jury rejected Samsung's counterclaims against Apple.

A senior Samsung executive told the Korea Times the decision was "absolutely the worst scenario for us" as he was heading into an emergency meeting at the company's Seoul headquarters on Sunday. Read More