New York: Shares of Nokia Corp dropped 1 percent today amid reports that the troubled handset maker may be acquired by software major Microsoft.
In the first 30 minutes of its trading session, Nokia's American Depositary Receipts (ADRs) were trading at USD 2.85 on the New York Stock Exchange, down 1.04 percent from the previous close of 2.88.
An American depositary receipt (ADR) is a negotiable security that represents securities of a non-US company that trades in the US financial markets.
Nokia, which is listed on the Helsinki and New York stock exchanges among others, has been on a southward trend for some time and plunged over 50 per cent in last one year.
The recent plunge in share price has triggered speculation that it may be bought by Microsoft.
According to a media report, "Nokia stocks were now below book value...The investment community is fertile ground for rumours, and there are plenty about what could happen to Nokia. One of the most persistent rumours is that Microsoft may buy the company."
Yesterday, Nokia introduced unveiled three new devices -Asha 305, Asha 306 and Asha 311- in its low-end Series 40-range of products in an aim to defend its weakening position on developing markets.
PTI
