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Samsung has withdrawn all of its Galaxy Note 7 smartphones from sale globally after a spate of fires involving “safe” replacements.
In a statement issued late Monday, Samsung said consumers with original Note 7 devices or replacements they obtained after the recall should turn off the power and seek a refund or exchange them for different phones.
South Korean authorities said they had found a new product defect in the Note 7 – Samsung’s most popular smartphone – and also asked consumers to power them down or to exchange them. The statement did not identify the defect.
The company’s shares dropped 7.5%, the biggest daily percentage decline since 2008, wiping more than $18m off its value.