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Nokia debuts $99 smartphone

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NEW DELHI - Struggling Finnish mobile giant Nokia unveiled Thursday a $99-touchscreen smartphone as it battles to gain traction in India and other emerging markets to reverse falling sales. 

Chief Executive Officer (CEO) of Nokia Corporation Stephen Elop holds a Nokia Asha 501 mobile phone as he addresses an unveiling ceremony in New Delhi on May 9, 2013. Struggling Finnish handset giant Nokia unveiled its next-generation of lower-end mobile smartphones as it seeks to gain traction in a market expected to be worth $15 billion by 2015.

Nokia chief executive Stephen Elop released the Asha 501 in New Delhi, targeting users moving up from no-frills handsets, and said he believed the model would "reinvent the affordable smartphone" line.

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