Samsung has pulled the plug on its much hyped Galaxy Note 7 phone, confirming it will no longer produce or sell the device. The company also asked users to stop using their Galaxy Note 7 devices after a series of fires. A Samsung spokesperson said, “We can confirm the report that Samsung has permanently discontinued the production of Galaxy Note 7.” Shares closed 8% down in Seoul before the withdrawal was announced, their worst drop since the financial crisis. Earlier on Tuesday Samsung asked partners and carriers to stop selling the device and asked users to power down the Note 7. “Consumers with either an original Galaxy Note 7 or replacement Galaxy Note 7 device should power down and stop using the device,” Samsung said. It said it is working with relevant regulatory bodies to investigate the reported fires and will take “all necessary steps” to resolve the situation. “Because consumers’ safety remains our top priority, Samsung will ask all carrier and retail partners globally to stop sales and exchanges of the Galaxy Note7 while investigations continue,” Samsung said. The new steps come after the company announced on Monday that it was temporarily halting the production of the phone and over the weekend AT&T (T) andT-Mobile (TMUS) said they would no longer offer replacements of the Note 7.