Nokia saw its shares decline further this week after Indian tax officials raided the Nokia factory in Chennai, India, apparently looking for unpaid taxes amounting to $545 million (€418 million).

The handset maker has been banking on its new line-up of Windows Phone 8-based smartphones to revive its fortunes, and although adoption of the new Lumia 800 and 920 devices has been encouraging the Finnish company is still in a fragile position.

FierceWirelessEurope Nokia's share price drops after Indian tax raid, TelecomTV content partner.