Samsung ends Note 7 production, may kill off entire line

BELGRADE - Samsung is ending the production and sale of its troubled Galaxy Note 7 smartphone. The company has urged customers to switch off their Note 7s and return them for refunds.

Stock of the South Korean technology giant plunged over eight percent at the close of trade in Seoul, washing billions off its value. The recall of the handset may cost the company as much as $17 billion, which is what Samsung expected to earn during its product cycle.

Last month, Samsung announced the recall of 2.5 million Galaxy Note 7 smartphones after reports of devices overheating and catching fire appeared worldwide. The company blames a faulty battery while awaiting the results of an investigation by US safety regulators.

Experts had expected the firm to restart global Note 7 sales in the fourth quarter. However, Samsung announced permanent halting sales of the handset.