Nokia opened the day down by 1.5 percent on the NASDAQ OMX Helsinki Stock Exchange, later dipping down by around six percent from Tuesday's close.
During the afternoon, the stock was down by three percent, with its value hovering around 2.20 euros.
On Tuesday NOK1V lost about three percent in value.
Within the past month the company's shares have risen by more than 13 percent. Over the past year, though, it has shed half of its market value.
An hour into the Nokia event, investors seemed unimpressed with the two new phones being previewed, with the company's share price plunging by 13.12 percent by the time the Helsinki bourse closed at 5.30pm.
By early afternoon in New York, NOK was down by more than 11 percent from Tuesday.
Nokia CEO Stephen Elop is to be interviewed on the Yle TV1 current-affairs programme A-Studio beginning at 9:05pm Wednesday.