The world's premier handset maker Samsung Electronics fell considerably in Seoul trading after Apple Inc. won a court ruling blocking sales of the Galaxy smartphone in the U. S. The two reigning companies of the smartphone market have indicted each other of copying technology and designs.
This ban led to Samsung dropping to as much as 2.4 percent, biggest decline since June 25. The stock traded 2 percent lower. Apple has asked for a ban on as many as 25 Samsung smartphones in addition to the latest Nexus phone by Samsung, Galaxy S III. This being the best selling smartphone in its series. It's sale started in the U. S. last month, generating largest overseas source of revenue for the company.
Samsung's Nexus smartphone, first of its kind to run Google's 4.0 Android version was unveiled in Hong Kong in October. The south Korean company is closely working on resolving the dispute over the ban, and Google might tweak its software to dodge the ruling. Samsung is one of Apple's biggest suppliers making parts including screens and semiconductors. Also about 7.6 percent of Samsung's profits come from Apple.