Samsung has finally decided to pull the plug on the Galaxy Note 7 and end its production, after becoming a major problem for the South Korean company. Samsung has also asked global retailers to stop the sales and exchanges of the Galaxy Note 7.

We are working with relevant regulatory bodies to investigate the recently reported cases involving the Galaxy Note7. Because consumers’ safety remains our top priority, Samsung will ask all carrier and retail partners globally to stop sales and exchanges of the Galaxy Note7 while the investigation is taking place.

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.

Samsung had already recalled the Galaxy Note 7 once last month after early models exploded and the latest move comes after customers reported that replacement phones were also catching fire. Samsung Electronics shares fell 8% in Seoul Tuesday, wiping out about $17 billion of market value, before the Note 7 termination was announced. The stock dropped further in London trading after the news, sliding as much as 9.9%, reported Bloomberg.

Analysts estimated that the original recall would cost Samsung between $1 billion and $2 billion, but that figure will now certainly rise. Chung Chang Won, an analyst at Nomura Holdings Inc., estimated in a research note before the company’s announcement the worst-case scenario of Samsung terminating the Note 7 would cost the company about $5 billion in operating profit through 2017.

Samsung is currently advising all existing Note 7 customers to stop using the device, back up their data, and switch it off. The South Korean company has put a replacement programme in place, which allows customers to exchange the Note 7 for Galaxy S7 or S7 edge, and also be refunded the difference in price. Customers can alternatively ask for a full refund. You can find out the full details of the replacement programme at Samsung.com

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