Samsung Electric's shares plunged Monday in Asian market trading, two days after the Obama administration vetoed an import ban on the products of arch rival Apple distributed by AT&T.
The value of Samsung shares fell to $US168.5 billion from $US169.3 billion Friday, a one-day decline of $US1.1 billion in overseas trading. The stock price plunge comes after the White House vetoed an International Trade Commission (ITC) ban in the import of Apple smartphones and other devices sold in the US by AT&T.
South Korea-based Samsung makes Galaxy smartphones and is the world's largest smartphone maker but has been battling device maker Apple in court over patents and intellectual property rights. In June, the ITC banned the import to the US of the iPhone 4, iPhone 3GS, iPad 3G and iPad 2 3G distributed by AT&T.
In a letter to the ITC Saturday, US Trade Representative Michael Froman said his decision "does not mean that the patent owner in this case is not entitled to a remedy. On the contrary, the patent owner may continue to pursue its rights in the courts."
Froman noted he was acting on President Obama's authority with the veto, which no president has used since 1987.
The trade commission is also expected to decide this week whether to ban some of Samsung's Galaxy mobile products following an Apple patent violation complaint.
Samsung products that would be subject to that ruling include some older models of Galaxy smartphone and tablets including the Galaxy S, Galaxy S II, and Galaxy Tab 10.1 Samsung's latest products including the Galaxy S III or the Galaxy S4.
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