Samsung Electronics is permanently stopping production of its Galaxy Note 7 smartphones amid problems that are causing the devices to burst into flames, reports said.
The South Korean company said in a regulatory filing to the Seoul stock exchange Tuesday that it has made a final decision to stop production for the sake of consumer safety, according to the Associated Press and Reuters. The Wall Street Journal also said production and sales were being discontinued. Samsung has not commented publicly.
Shares in Samsung Electronics closed down 8% — its biggest daily percentage drop since 2008 according to Reuters — with almost $20 billion wiped off the company's value Tuesday.
Late Monday, Samsung had asked its global network of retailers to stop selling the Note 7 while it investigated the matter. And on Sunday, the world's largest smartphone maker temporarily halted production because some of the phones are overheating when charged.
Samsung recalled 2.5 million of the original Note 7s last month, with consumers exchanging many of the phones for handsets that Samsung said were safe to use.
Last week, a replacement Note 7 caught fire on a Southwest Airlines flight from Louisville to Baltimore, prompting an evacuation. In the days since, there have been reports of at least two other phones overheating.