Nintendo really smells of Wii now -

Shares in console maker Nintendo are in free fall after it warned of a third straight year of operating losses.

The maker of "Super Mario" is under pressure to abandon its policy of not licensing its software to rivals and do something really fast.

Nintendo slashed its global Wii  sales forecast for the year to March 31 by almost 70 percent to 2.8 million units and shares fell by more than a fifth.

Analysts have been warning that Nintendo's console-based business model is doom for stakeholders and it was time that the outfit started doing things like allowing Mario on mobile is coming.

Nintendo has so far refused to allow its games to be played on consoles built by rivals or on tablets or other mobile devices that are being used by its gamer target market.

Reuters  said that at one point the shares fell as much as 18.5 percent and it was the most traded stock on the board as investors fled.

It was the worst day for Nintendo since July 2011. The outfit expects an operating loss of $335.7 million.

Analysts warn that the stock could go lower as the only reason some people are buying is that they are daft enough to think that Nintendo will change its strategy.