Samsung Shares Fall After the Galaxy Note 7 Is Recalled

Samsung Electronics Co Ltd’s shares fell to their lowest level in nearly two months on Monday after the tech giant told customers to switch off and return their new Galaxy Note 7 smartphones due to fire-prone batteries.

Investors had wiped 15.9 trillion won ($14.3 billion) off the South Korean firm’s market capitalization as of 0303 GMT, as a series of warnings from regulators and airlines around the world raised fears for the future of the flagship device.

“Some said initially the Galaxy Note 7 could be the best Smartphone ever, but now it’s possible the phone will go down as the worst ever,” IBK Securities analyst Lee Seung-woo said, predicting weak sales in the fourth quarter.

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