Samsung Shares Plummet After Galaxy Recall

Photo Credit:  Isriya Paireepairit

Photo Credit: Isriya Paireepairit

Korean electronics firm Samsung depreciated by £11 billion as its shares plummeted after recalling 2.5 million units of its mobile device. The recall came after 35 devices spontaneously caught fire due to a fault with the supplied battery. Users have been asked to deactivate their devices and exchange them for an updated version. “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,” Saifd Lee Seung-woo, an analyst at South Korean bank IBK Securities. Samsung shares have fallen by almost 7%.

Source: https://www.theguardian.com/business/2016/...