After announcing further delays with their new smartphone range, Nokia have suffered a drop in share prices.

An announcement by Nokia that their Symbian 3 line of smartphone won’t be released until three months after planned resulted in a 15% drop in share prices, according to the UK Times.

The drop equated to 8.3 billion AUD in one day.

Nokia have been struggling to maintain their position in the mobile phone sector since the advent of the smartphone, the Finnish company losing market dominance in Europe.