By midmorning, Nokia's American Depositary Receipts had fallen more than 13 percent to $2.45, lowering the value of the Finnish-based mobile phone giant to only $9.4 billion, or 61 percent less than a year ago.
Elop came to New York to unveil the Lumia 920, a 4.5-inch phone with a floating lens that helps stabilize images for picture-taking as well as the Lumia 820, a 4.3-inch phone with an 8-megapixel camera. Both will start selling next month.
Elop, a former Microsoft executive, has bet the company on adopting the new Microsoft OS, but the company's market share remains below 4 percent in a world dominated by Android phones using the OS from Google (Nasdaq: GOOG), the No. 1 search engine and the iOS from Apple (Nasdaq: AAPL), the world's most valuable technology company.