Nokia Corp. has warned it will cut about 10,000 jobs, as business deteriorates after losing market share, according to Wall Street Journal.

The world’s largest mobile phone maker has lost more than three-quarters of its market value, it is now $8.8 billion, since September 2010, when it teamed up with Microsoft to compete in the smartphone market dominated by Apple and Google. Analysts say Samsung Electronics have overtaken Nokia’s as the world’s largest mobile phone maker after 14 years.

Nokia warned Thursday that setbacks will continue to worsen, driving shares down 16% to $2.35 in New York Trading. Sweeping changes, including job cuts, plant and research and development center shutdowns in the US and Europe, would not likely impact the company’s operations in India, says the company spokeswoman there.

India Real Time indicated a steady increase in demand for phones in the low-end price range, an area that Chief Executive, Stephen Elop, wants to focus on. India is Nokia’s second largest market after China.

Rajeev Gopi, senior market analyst for mobile devices at IDC India, stated that the local operations may benefit from increased production to make up for plant shutdowns across US and Europe.

India is a primary focus market for Nokia, with a production facility which exports over 600 million units to 80 countries. It held an overall market share of 28% in 2011, according to IDC.