Despite having a potentially substantial holiday season looming ahead, Nintendo's stock hasn't been performing well enough for to make the cut for the Nikkei 225.

According to Bloomberg, Nintendo's stock dropped after not making the Nikkei 225 list. Shares fell 8.4 percent, which was the biggest drop Nintendo had seen since July 2011. “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,” said Jay Defibaugh, an analyst at CLSA in Tokyo. “The value of iconic Nintendo franchises may be declining as younger generations discover gaming through mobile devices.”

The Nikkei 225 is only compiled once per year, though exceptional candidates can be added in the event of a bankruptcy or merger. The 225 is roughly the equivalent of the Dow Jones Industrial Average, but Nintendo's lack of presence on the list is far from a death knell. Still, the stock drop is troublesome. Hopefully the impeding price drop for the Wii U and upcoming slate of games can help reverse the course.