Originally posted on Business 360:
(CNN) - The share price of Samsung Electronics dropped more than 7% in early trading Monday morning as investors had their first opportunity to react to Friday’s 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 was down about 7% at noon Seoul time, after dropping as much as 7.7%. The tumble erased $12 billion from the company’s market value Monday morning.
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.