Samsung shares got smoked after the company called a halt to all Galaxy Note7 sales

Tobias Scharz/AFP/Getty Images

Samsung shares were hammered in Asian trade after the company ordered a halt to all sales and product replacements of the troubled Galaxy Note 7.

Owners have been told to power down and stop using the phones while the latest reports of burning handsets is investigated.

On the Korean exchange, the shares closed down 8% to 1,545,000 won.

The smartphone was recalled after several cases of handsets bursting into flames. Since then there have reports of replacement phones also burning.

In statement today, Samsung said: “We remain committed to working diligently with appropriate regulatory authorities to take all necessary steps to resolve the situation. Consumers with either an original Galaxy Note7 or replacement Galaxy Note7 device should power down and stop using the device and take advantage of the remedies available.”

Here’s the chart showing the day’s trade in Seoul. It started bad, and went downhill from there.

Investing.com

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