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Nokia share price in nose dive to 2.36 euros

Shares of the Finnish mobile phone giant Nokia have plummeted by nearly 40 percent since the start of this year and took another hit Monday.

Nokian logo seinällä.
Image: Yle

The share price of embattled Finnish phone maker Nokia took a steep plunge on the Helsinki Stock Exchange on Monday immediately after trading opened.

The share price has declined steadily since chief executive Stephen Elop issued a profit warning in April.

On Monday morning, the share price was down by about six percent in Helsinki. Each share was traded at about 2.36 euros, where it remained in late afternoon. During the day the stock fluctuated between 2.33 and 2.46 euros.

Just this year, Nokia share price has tumbled 37 percent. Shares in the phonemaker collapsed by 61 percent over a one-year period.

By mid-afternoon in New York, NOK was down by 4.4 percent to 3.06 dollars.

Earlier on Monday, the Paris-based bank Société Générale cut its price target for Nokia from three euros to 1.80 euros, downgrading its recommendation from "hold" to "sell".

Nokia had plenty of company on Monday, as European shares sank to a four-and-a-half-month closing low. The broad-based sell-off came as political deadlock in Greece raised the prospect of the country's exit from the euro zone, while concerns over China's economy also undermined sentiment.

 

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