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Samsung shares drop over 7% after Apple's patent victory

PTI  New York/Seoul, August 27, 2012
First Published: 21:24 IST(27/8/2012) | Last Updated: 22:06 IST(27/8/2012)

Shares of Samsung Electronics on Monday nosedived by over 7% on the bourse, eroding USD 12 billion in its market capitalisation after the Korean firm lost a patent case against iPhone maker Apple Inc.

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The electronic giant slumped by as much as 7.45%, or by 95,000 won, to settle at 1.18 million won a share on the Korean Exchange (KRX)

Going by media reports, the drop in share price is believed to be its biggest daily percentage drop in nearly four years.

At the end of today's trading session, Samsung's market capitalisation stood at 1.73 billion won (about USD 152 billion).

On Friday, Samsung had lost more than USD 1 billion in a patent against the US firm Apple as a jury in California found that the South Korean firm violated a series of iPhone maker's patents related to the software and design of mobile devices.

Meanwhile, Korea Composite Stock Price Index (KOSPI) was marginally up by 0.1 per cent to close at 1,917.87 points.


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