Nokia Oyj's stock price plummeted 5.03% during intraday trading on Monday, continuing a recent downward trend for the telecommunications equipment maker.

The decline comes despite Barclays raising its price target on Nokia from €8 to €8.50, as the investment bank maintained its Sell rating on the stock. The upgrade failed to offset persistent selling pressure that has been building since Nokia announced AI network partnerships with both Amazon Web Services and Google Cloud. These announcements initially drove a short-term rally but have since triggered a pronounced "sell-the-news" pattern, with profit-taking intensifying from June 26 to 27 when the stock declined over 10% cumulatively.

The broader Communication Equipment sector was under significant pressure during the session, amplifying Nokia's downdraft. Sector-wide selling compounded Nokia-specific profit-taking as investors continued to exit positions accumulated ahead of the recent AI collaboration announcements.