A woman walks past billboards of Samsung Galaxy Note 7 (L) and Galaxy S7 (R) at a mobile phone shop in Seoul on September 12, 2016. / AFP / JUNG YEON-JE
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Samsung shares plunged Monday after the South Korean electronics giant urged global consumers to stop using its Galaxy Note 7 smartphone due to a spate of exploding batteries that raised alarm around the world.Samsung Electronics on September 2 had announced a recall of its oversized "phablet" after faulty batteries caused some handsets to burst into flames during charging.Samsung, increasingly squeezed by Apple's iPhone in the high-end market and Chinese rivals in the low-end segment, launched the Note 7 earlier than expected -- ahead of the September 7 launch of the iPhone 7 .Koh Dong-Jin, the head of Samsung's mobile business, said earlier the fault rate for the Note 7 amounted to 24 handsets per million and it would take about two weeks to prepare replacements.Samsung currently uses batteries made by a number of different companies including its sister Samsung SDI.
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