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Samsung Electronics is permanently stopping production of its Galaxy Note 7 smartphones, dealing a huge blow to the South Korean electronics giant and potentially shaking up the competitive smartphone market.

Samsung released a statement Tuesday confirming it will no longer make the device after several reports that original and replacement models of the smartphone caught fire or exploded.

“For the benefit of consumers’ safety, we stopped sales and exchanges of the Galaxy Note 7 and have consequently decided to stop production,” Samsung’s statement said.

 Shares in Samsung Electronics closed down 8% — its biggest daily percentage drop since 2008, according to Reuters — with almost $20 billion wiped off the company’s value Tuesday.

The death of the Note 7 could also usher in sweeping changes among Samsung’s executive ranks. The company typically announces a reorganization at the end of the year, and the short, troubled history of Note 7 is sure to prompt changes — perhaps in the mobile, quality-control and supply-chain operations, say analysts.

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