Galaxy Note 7 concerns knock $14bn off Samsung's market value

Batteries in some of the company's new flagship phone have been going on fire...

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Samsung shares have plunged in value after new calls urging people to stop using its Galaxy Note 7.

$14bn was knocked off the company's market value during a morning of volatile trading across Asia after regulators and aviation authorities issued fresh safety warnings regarding its new phone. The company has told users to immediately turn them off as their batteries can explode.

The company's stock has dipped to its lowest value in two months as it fell by almost 7%.

Samsung has faced a tough battle to regain ground to Apple following the success of the iPhone 6 range and the emergence of high-spec mid-priced competitors.

Its flagship device launched to a wave of positive reviews before safety concerns were flagged.

The South Korean manufacturer has announced an exchange programme for these phones.

"While there have been only a small number of reported incidents globally, Samsung is committed to prioritising the safety of customers. Samsung has identified the affected inventory and stopped sales and shipments of those devices," the company said in a statement last week.