Stocks of Samsung Electronics tumbled more than 7 percent today in the first full day of trading as Apple Inc. won the legal battle of patents related to infringing firm’s iPhone technology. The lost did raise concerns about the Korean giant’s smartphones and tablet business.
Samsung, which plans to contest the verdict, is asked to pay an amount of $1.05 billion to Apple. The decision was taken by a jury in San Jose, California.
Apple had accused Samsung of copying its iPhone design, which took the firm five years to design.
Following the lost, Samsung shares slumped $78.38 to $1,043.88. This decline was the biggest the Korean giant saw since October 2008. Samsung also announced a loss of $12 billion in the market value.
Samsung, however, called the verdict “a loss for the American consumer” and promised to appeal.
Apple reportedly is expected to file a case asking to ban Samsung’s products in the US market, which supposedly infringe the patents. In case, the jury decides in favor of Apple, sales of Samsung’s smartphones could take a big hit.
Samsung was reported to sell around 52 million smartphones in the second quarter.