Shares in Nokia saw their biggest single-day loss since June as the company unveiled the device it hopes will help claw back a share of the smartphone market.
- Helsinki Shares began sliding midway through the New York launch
- They ended down 13 percent at 1.99 euros
- Nokia's US-listed stock was down almost 10 percent to $2.55
Apple has fuelled speculation that it will launch a new version of the iPhone by announcing a "special event" only hours before two of its competitors unveiled new devices.
The technology giant sent invitations to selected journalists for the event next week ahead of today's announcement in New York by Nokia and Microsoft where they revealed details of two new phones.
The Apple emails invite journalists to an event on Wednesday September 12 and includes the line "it's almost here".
It features a figure 12 with a shadow that appears to be the number five - seemingly confirming the company will announce the arrival of the iPhone 5.
The Verge website has posted a hands-on demo with the new Nokia Lumia 920 on YouTube.
- The Lumia 920 and smaller Lumia 820 run on the latest Windows Phone operating software, which Microsoft hope will rival Apple's iOS and Google's Android.
- It has "Pureview" camera technology to reduce blurring from hand motion.
- The Lumia 920 has an 8.7 megapixel camera.
- The Lumia 920 comes with augmented reality technology that lets users see details of their surroundings through the camera.
- The device is available in yellow or red.
- The screen is 4.5 inches.
- The phone comes with wireless charging capability.
The share price of Nokia has plummeted by over 11 per cent today, as they announced a new smartphone to take on industry giants Apple and Samsung.
Nokia has unveiled a Windows-powered smartphone which the company hope will be able to compete with Apple, Google and Samsung.
The Finnish company once led the mobile phone market but in recent years has seen its market share plummet with the arrival of handsets such as the iPhone.
Nokia's alliance with Windows has produced a line of Lumia smartphones.