Nokia shares tumble to lowest level since 1998

HELSINKI: Shares in the world's top mobile phone maker Nokia were at their lowest level in 12 years on Tuesday, shedding nearly 20 percent since it announced a strategic partnership with Microsoft last week.

At the open on the Helsinki stock exchange, Nokia shares were at 6.55 euros, valuing the company at some 24.3 billion euros ($32.9 billion).

The share price edged up towards 6.60 euros in afternoon trade.

In an attempt to beat increasing competition from Apple and Google in the smartphone market, Nokia said last Friday it would begin phasing out its Symbian platform and shift to Microsoft's Windows Phone operating system.

The company's new chief executive, Stephen Elop, also said Nokia would see "substantial" layoffs in Finland and around the world.

Investors and many analysts were disappointed by the partnership and have criticised the lack of financial outlook provided by the company.

On Tuesday, nine self-proclaimed investors and former Nokia employees published an open letter titled "Nokia Plan B," saying they aimed to challenge the company's new strategy.

The small group, which did not disclose how many shares they held in the company, also called for the firing of Elop, who left an executive job at Microsoft to take over the helm of the Finnish company last September.

Following the announcement Friday, Nokia closed down 14.2 percent and the company shed an additional 5.56 percent Monday, as several banks downgraded their rating and outlook for the group.

Ahead of Friday's announcement, Elop had told staff in an internal memo the company was "standing on a burning platform" and needed radical action to reverse the decline in its fortunes.

Nokia, which has seen its global market share shrink from around 40 percent to 32 percent in just over two years, currently employs some 20,000 in Finland, with a worldwide workforce of 132,000.