After Mario maker not added to the Nikkei 225 Stock Average, shares fall 8.4 percent to ¥10,860 ($109).

Nintendo shares fell 8.4 percent today after the Mario maker was not added to the Nikkei 225 Stock Average. Shares dropped to ¥10,860 ($109) at the close of trading, the most precipitous dip since July 2011, Bloomberg reports.

Prior to today, Nintendo’s share value had gained 31 percent this year on reports that the company’s listing would be transferred to Tokyo from Osaka in a move that could have seen the stock added to the Nikkei, Bloomberg pointed out.

Last month, Nintendo announced a price cut for the Wii U, dropping the going rate from $350 to $300 for the 8GB Deluxe model effective September 20. The 8GB Basic version will be phased out. Nintendo also recently announced an entry-level portable system, the $130 Nintendo 2DS, which will launch on October 12 alongside Pokemon X and Y.

Nintendo will ship a number of marquee first-party titles in the coming months for the Wii U, including The Legend of Zelda: Wind Waker HD and Super Mario 3D World, but not all are hopeful that the struggling system can regain its footing.

“The early signs of key first-party software inducing a major turnaround in Wii U console fundamentals are not promising, and the outlook for third-party support is grim,” CLSA analyst Jay Defibaugh told Bloomberg. “The value of iconic Nintendo franchises may be declining as younger generations discover gaming through mobile devices.”

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