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Samsung's Galaxy Note7 phones are Watch 2 Fast 2 Furious Onlinetaking a serious toll on the company's share price.

Samsung's shares had dropped more than 6 percent on Monday, opening the week sharply lower following following dozens of reports of Samsung Galaxy Note7 smartphones exploding.

The issue was serious enough to warrant a warning from the U.S. Consumer Product Safety Commission (CPSC), which advised Note7 owners to "power them down and stop charging or using the device."

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The chart below shows Samsung's shares opening lower right at the start of trading on Monday.

Original image has been replaced. Credit: Mashable

In a statement provided to Mashable, the CPSC said it is working with Samsung to announce an official recall of the devices "as soon as possible," and Samsung's shares have since plummeted.

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SEE ALSO: You can bring your Galaxy Note7 on an airplane, just don't turn it on or plug it in

After reports of exploding batteries, Samsung issued a recall of the Galaxy Note7 on Sept. 2 in the form of an "exchange program," which allowed customers to swap out their defective devices for replacements.

The FAA released a statement last Thursday urging passengers not to turn on or plug in their Samsung Galaxy Note7 devices while traveling on airplanes, but did not officially ban the phones from aircrafts.

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The safety concerns surrounding the devices couldn't have come at a worse time for Samsung. The recall came just days before Apple's launch of the iPhone 7 and 7 Plus on Sept. 7.

Recalling all Note7 phones could cost Samsung around $1 billion, according to an estimate from Bloomberg.

Some analysts, however, expect the damage to be relatively limited.

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