Thu, Oct 27, 2016 | updated 10:40 AM IST

Samsung shares plunges by 8 percent over Galaxy Note 7 explosion reports

Updated: Oct 11, 2016 13:58 IST

Seoul [South Korea], Oct.11 (ANI): Samsung Electronics Co Ltd shares plunged by eight percent in trading in Seoul on Tuesday after the company decided to halt the sales of Galaxy Note 7.

The South Korean giants' decision to halt sales came amid reports of the Smartphone exploding following which the company decided to stop the production of Note 7.

The Samsung in an email to the Verge said, "Samsung will ask all carrier and retail partners globally to stop sales and exchanges of the Galaxy Note 7. Consumers with an original Galaxy Note 7 or replacement Galaxy Note 7 should power down and take advantage of the remedies available, including a refund at their place of purchase.

The smartphone was scheduled to launch in this Diwali.

According to a report on The Verge, five replacement Galaxy Note 7 phones have caught fire in the US. The latest incident took place in Houston, Texas and according to the report, the new Note 7 "caught fire while sitting on the table"; it was changed at a Best Buy store in late September.

Major US carriers like AT&T, T-Mobile have also decided to temporarily suspend all Galaxy Note 7 sales and exchanges for the replacement of Note 7 devices while Samsung investigates "multiple reports of issues. (ANI)