Nokia Oyj (NOK) saw its stock price plummet 5.03% during intraday trading on Thursday. The sharp decline was part of a broader sell-off in the communication equipment sector.

The movement was primarily driven by a disclosure that major asset manager FMR LLC has reduced its voting rights in Nokia to below the 5% threshold. This sent a bearish institutional signal to the market, compounding existing selling pressure. Nokia had previously rallied in late June after announcing AI network collaborations with Amazon Web Services and Google Cloud, but the stock quickly entered a profit-taking phase as investors sold on the news.

Meanwhile, the broader communication equipment sector remained under significant pressure, with peers like Applied Optoelectronics, Ciena, and Lumentum also trading lower. This sector-wide weakness further amplified the downside momentum for Nokia. Despite a recent target price increase from Barclays, the selling pressure continued unabated during the session.