TORONTO -- Shares of Research In Motion closed down more than three and a half per cent on Monday as investors reacted to a U.S. court ruling against the BlackBerry maker.
RIM's stock dropped 26 cents to end at $7.09 on the Toronto Stock Exchange, after slipping as much as 31 cents earlier in the day.
The smartphone company was slapped with damages of US$147.2 million late Friday.
A jury in northern California decided that RIM infringed on patents owned by Delaware-based Mformation Technologies.
RIM says it is "disappointed" with the verdict and is "evaluating all legal options."
If the company were to ask for, and be granted, an appeal the process could drag out for months.
The Waterloo, Ont.-based company has been weathering the most difficult period in its history after facing a first-quarter loss and the delayed release of its much-hyped BlackBerry 10 operating system until next year.
Meanwhile, an analyst at Northern Securities said a recent study it conducted shows that the popularity of BlackBerrys in "emerging markets" is starting to decline.
"Based on our checks, we believe the device of choice for upgrades within these markets is the iPhone or the Samsung S III," wrote Sameet Kanade in a note.
"The Blackberry has been pushed to the Number 4 slot behind Nokia devices. In some markets, RIM has been relegated to even the Number 5 slot, behind HTC."
Northern Securities is headed by Vic Alboini, an activist shareholder who is also pushing for a revamp of RIM's board of directors.
Kanade said the study focused on India, Indonesia, Philippines and United Arab Emirates, regions that RIM has been focused on selling older models to keep its sales afloat while it prepares its delayed BlackBerry 10 operating system and smartphones for the market.
