Samsung shares tumble in response to Galaxy Note7 warnings
Samsung's Galaxy Note7 phones are taking a serious toll on the company's share price.
Samsung's shares had dropped more than 6 percent on Monday, opening the week sharply lower following following dozens of reports of Samsung Galaxy Note7 smartphones exploding.
The issue was serious enough to warrant a warning from the U.S. Consumer Product Safety Commission (CPSC), which advised Note7 owners to "power them down and stop charging or using the device."
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The chart below shows Samsung's shares opening lower right at the start of trading on Monday.
In a statement provided to Mashable, the CPSC said it is working with Samsung to announce an official recall of the devices "as soon as possible," and Samsung's shares have since plummeted.
After reports of exploding batteries, Samsung issued a recall of the Galaxy Note7 on Sept. 2 in the form of an "exchange program," which allowed customers to swap out their defective devices for replacements.
The FAA released a statement last Thursday urging passengers not to turn on or plug in their Samsung Galaxy Note7 devices while traveling on airplanes, but did not officially ban the phones from aircrafts.
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The safety concerns surrounding the devices couldn't have come at a worse time for Samsung. The recall came just days before Apple's launch of the iPhone 7 and 7 Plus on Sept. 7.
Recalling all Note7 phones could cost Samsung around $1 billion, according to an estimate from Bloomberg.
Some analysts, however, expect the damage to be relatively limited.
Nicole is a Senior Editor at Mashable. She primarily covers entertainment and digital culture trends, and in her free time she can be found watching TV, sending voice notes, or going viral on Twitter for admiring knitwear. You can follow her on Twitter @nicolemichele5.
