Samsung recalls Galaxy Note 7 smartphones after claims of battery explosions

BREAKING: #Samsung Electronics will conduct a global recall of Galaxy Note 7 smartphone - Yonhap

— Reuters Top News (@Reuters) September 2, 2016

BREAKING: #Samsung Electronics says to halt sales of Galaxy Note 7 smartphones pic.twitter.com/GnYpyapzPt

— Reuters Tech News (@ReutersTech) September 2, 2016

Earlier, AP had said that Samsung declined to comment on the subject and is currently holding an inspection of the device with its partners.

"We will share the findings as soon as possible. Samsung is fully committed to providing the highest quality products to our consumers," the company said in a statement.

The shipments are also delayed in South Korea.

"Samsung launched the latest version of the Note series just two weeks ago. Citing an unnamed company official, Yonhap said Samsung's investigation found that faulty batteries caused the phone to catch fire. The number of the Galaxy Note 7 phones with a faulty battery accounts for "less than 0.1 per cent" of the products in the market and Samsung is discussing how to resolve the issue with Verizon and its other partners, the official told Yonhap", reports PTI.

The report also added that "the battery issue is a fresh blow to Samsung's smartphone business that has been on a recovery track. Samsung reported stellar earnings that beat market expectations in the latest quarter and its stock price was at a record high before the Note 7's battery problems dented investor sentiment."

This is the worst possible timing for such a fiasco at Samsung's end considering the fact that Apple is set to launch iPhone 7 next week.