Bayer stock plunges after $2 billion award in Roundup trial

Bayer shares fell by as much as 5 percent Tuesday after a California couple were awarded more than $2 billion in the largest U.S. jury penalty over allegations its Roundup weed killer causes cancer.

The stock closed at its lowest level in almost seven years, even though the punitive damages award is likely to be reduced due to U.S. Supreme Court rulings that limit the ratio of punitive to compensatory damages to 9:1.

The jury set the total punitive damages at $2 billion and added $55 million in compensatory pay, concluding that Roundup - based on herbicide glyphosate - had been defectively designed, and that the company failed to warn of the herbicide's alleged cancer risk.

The shares closed about 2 percent lower at 55.33 euros.

https://www.msn.com/en-us/money/companies/bayer-stock-plunges-after-dollar2-billion-award-in-roundup-trial/ar-AABliAy?li=BBnbfcN