Investors think Nintendo's new console is too expensive

The company's shares took a hit after a major launch event

Investors think Nintendo's new console is too expensive

Koji Sasahara AP / Press Association Images

Shares in Nintendo took a dive - falling by almost 6% - after the Japanese company revealed that its new hybrid Switch console will have a retail price of $299 (that's €282 - although European prices are unlikely to be a direct conversion).

Markets also had a negative reaction to Switch's launch - the new device is a hybrid of a traditional TV-connected console and a portable device.

Nintendo is hoping to tap into a new market by bringing a fresh form to the market - rather than trying to compete with the fire-power that Microsoft's Xbox One and Sony's Playstation 4 have developed.

The gaming company scored its last major hit with the Nintendo Wii in 2006 - it went on to sell 101 million units. Its last console, the Wii U was a commercial failure - only 13 million were sold in 5 years.

Nintendo has announced the titles which will be launched with Switch in March - they include Mario Kart 8 Deluxe, Super Mario Odyssey and The Legend of Zelda: Breath of the Wild.

The mobile unit will have a battery life of up to six hours. It features a 6.2-inch, 720p display and will allow users to game 'on the go.'

Nintendo will also continue to dip into its deep well of gaming intellectual property in the mobile market.

Super Mario Run was released on Apple devices in mid December and was downloaded 40 million times in the first 4 days. Pokemon Go was also a massive success in 2016.