comscore Samsung shares in South Korea plunge after decision to end production of Galaxy Note 7

Samsung shares in South Korea plunge after decision to end production of Galaxy Note 7

Samsung continues to suffer losses in Seoul Stock Exchange following the backlash over its Galaxy Note 7 battery fiasco.

  • Updated: October 12, 2016 11:36 AM IST

South Korean tech giant Samsung continued to suffer losses in the Seoul Stock Exchange, with stocks down nearly 3 per cent after the withdrawal of its Galaxy Note 7 smartphone over cases of spontaneous combustion. Samsung shares fell 8.04 per cent after the company announced that sales of the Note 7 phones were frozen and customers were asked not to use them after new cases of the appliances, given to replace the first defective smartphone, also caught on fire. The South Korean multinational then reported it would indefinitely halt all manufacturing of the Galaxy Note 7 over the persistent flaw, a move that has not reassured investors ahead of the anticipated impact on the image of the Samsung brand. Also Read - Samsung Galaxy S22 series India variants might be powered by Snapdragon 8 Gen 1 SoC

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Shares of Samsung, one of the values in the Seoul Stock Exchange, dipped nearly 2.93 percent in the first stage of negotiations, but the fall later slowed to around 2 percent. Samsung’s recent crash is the worst since 2008, and follows six other daily fluctuations more than 4 percent this year related to the launch of its new flagship high-end device and its subsequent problems. The crisis of the Galaxy Note 7 began just days after Samsung in in mid-August began selling its phablet, first branded as competition for the new iPhone 7. ALSO READ: The fault in Samsung s Galaxy

The company has been unable to ease the situation despite the unprecedented recall and replacement of some 2.5 million phones. Due to the definitive cancellation of the production of the Galaxy Note 7, Samsung could stop selling an estimated 20 million phones, costing the company up to $17 million. ALSO READ: Dear Samsung, please kill the Galaxy Note 7 before it kills someone

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  • Published Date: October 12, 2016 11:32 AM IST
  • Updated Date: October 12, 2016 11:36 AM IST

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