Ironically after the heavy drop in shares, this rumour had momentarily made them rise again.
Nokia's CEO Stephen Elop has called the claims that Microsoft was thinking of buying out Nokia as completely 'baseless'.
The Espoo boss was talking at the D9 conference with Microsoft CEO Steve Ballmer and both were clear to highlight the strength of their new found relationship, clearly a move to try and calm investors who have grave predictions for the company.
The cause of all these concerns came after Nokia announced that there was a high risk the company wouldn't break even this quarter. With the company's costly and gradual transition to Windows Phone 7 this news was hardly a surprise, however the reaction by investors certainly seemed to come as a shock to the company chiefs.