Bayer shares fell by as much as five per cent on Tuesday after a California couple was 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.
The jury set the total punitive damages at $2 billion and added $55 million in compensatory pay, concluding that Roundup had been defectively designed, and that the company failed to warn of the herbicide's alleged cancer risk.
A taskforce has been set up in Jamaica to determine whether to ban the importation of Roundup.
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