NEW YORK (TheStreet) -- Nokia (NOK - Get Report) closed down 1.3% today on the news India's Supreme Court had rejected the mobile phone company's appeal on a lower court ruling that it owed 35 billion rupees (US$572 million) in taxes to the country. The stock closed Thursday at $7.44.
The lower court originally ruled that the taxes were owed on the transfer of the company's factory to Microsoft (MSFT - Get Report). Microsoft announced that it was acquiring the company last year in a EUR 5.4 billion deal.
"Building on the partnership with Nokia announced in February 2011 and the increasing success of Nokia's Lumia smartphones, Microsoft aims to accelerate the growth of its share and profit in mobile devices through faster innovation, increased synergies, and unified branding and marketing," Microsoft said at the time. The deal is expected to be finalized later this month.
The plant in question is one of Nokia's largest and it says it cannot continue to run it as a contractor to Microsoft for much longer.