Samsung share price tumbles after Galaxy Note 7 recall

Shares in Samsung Electronics plummeted on Monday after the technology giant recalled its Galaxy Note 7 smartphone following issues with the device's battery.

In early Asian trading, Samsung fell 7.2% to Won1,462,000, knocking off around $14bn from the company's market value.

Over the weekend, the South Korean firm told customers to stop using its flagship phone as complaints of the model catching fire and exploding led to a recall on September 2.

The recall came in untimely fashion for Samsung as main market rival Apple had just released the latest version of its smartphone, the iPhone 7.

The company said that it is going to replace all of the devices handed in by consumers, only a month after its release.

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.

Apple have received an unexpected boost from the news as its rival appeared to be opening up a market share lead that would be difficult to claw back.