Samsung loses $14bn as it recalls Galaxy Note 7 `

“We plan to expedite new shipments of Galaxy Note7 soon to reduce any inconvenience for our customers”, a Samsung India spokesperson said.

Samsung said it had confirmed 35 cases of the Galaxy Note 7 catching fire as of September 1, a lot of them occurring while the battery was being charged.

“However, because our customers’ safety is an absolute priority at Samsung, we have stopped sales of the Galaxy Note 7”. It is extremely unusual for the FAA to warn passengers about a specific product.

Samsung’s share price is now at a two-month low, whereas the Note 7 was expected to maintain momentum for the company in the latter stages of 2016. A probe indicated that the rechargeable lithium batteries, produced by one of its suppliers, were the cause of the fires.

The recall by the safety commission will allow the U.S. Federal Aviation Administration to ban passengers from carrying the phones on planes. Australia’s Qantas Airways, Jetstar Airways and Virgin Australia began imposing bans against the use of the Samsung Note 7 onboard their flights last Thursday.

In a statement, Samsung confirmed that it’s collaborating with the CPSC, and also says it’s no longer selling or shipping phones affected by the issue.

In the meantime, consumers here who purchased their Galaxy Note 7 from Samsung’s authorized distributors will be able to apply for a refund.

The phone has batteries that “pack a lot of power” and can burst when they overheat, the consumer watchdog said. It voluntarily issued a recall last week for 10 markets, including South Korea and the United States, and it said it was expediting shipments of replacement phones to customers in the US. This has been done in light of several incidents globally, involving the battery of Samsung Galaxy Note7.