Despite taking the wraps off its anticipated Lumia smartphones using the new Windows 8 from Microsoft (Nasdaq: MSFT), the world's biggest software company, Nokia's shares plunged 11 percent after CEO Stephen Elop claimed, "We need to succeed with this and take it to the next step."

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.