May 26 (Bloomberg) -- Funcom NV, the Norwegian maker of the ``Age of Conan'' video game, declined the most since January on the Oslo bourse on concern demand for the product may not be enough to justify the stock's advance in the past months.

The shares fell 3.7 kroner, or 7 percent, to 49.3 kroner, the steepest slide since Jan. 21. The stock has almost doubled so far this year, giving the Oslo-based company at market value of 2.6 billion kroner ($520 million).

Some 400,000 players have registered with the company's Web site to play the video game, Funcom said today. There is ``uncertainty regarding the future development of this number,'' Funcom said.

``Over a million players are reflected in the share price, which I don't think they will achieve,'' said Fredrik Thoresen, an analyst for DnB NOR ASA in Oslo. He has a ``sell'' recommendation on the stock.

To contact the reporter on this story: Jakob Lindstroem in Stockholm at jlindstroem@bloomberg.net.

Last Updated: May 26, 2008 11:00 EDT