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Samsung shares plunge 8.0 percent on Note 7 woes

A woman passes an advertisement for Samsung’s Galaxy Note 7 device in the Gangnam district of Seoul on October 11, 2016 © AFP / Ed Jones

Seoul, Korea, Republic of, Oct 11 – Samsung’s share price plunged 8.0 percent by the close of trade Tuesday on the back of a decision to halt sales and exchanges of the company’s troubled Galaxy Note 7 smartphone.

The share price ended the day at 1.54 million won after the early morning announcement, which was accompanied by an advisory for all customers to stop using their Note 7 devices due to safety concerns.

Samsung issued a global recall of 2.5 million Note 7s in early September following complaints that its lithium-ion battery exploded while charging.

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