Global recall of Note 7 could burn a $17 billion hole in Samsung accounts

Samsung decided to recall 2.5 million Note 7s in early September. Earlier, reports claimed the phones are catching fire and it has finally announced the recall. The recall of Samsung's flagship device Galaxy Note 7, would hamper the company's business by a great margin. The loss could be as huge as $17 billion.

If Samsung stops selling the Note 7s, that will translate into lost sales of up to 19 million phones that the firm was expected to generate during the Note 7's product cycle, according to analysts.

The company asked users to shut off their phones while it investigated new reports of fires in replacement Note 7s.  South Korea's Hankyoreh newspaper, citing unnamed sources, said on Tuesday Samsung will likely stop Note 7 sales permanently. Samsung did not comment on the report.