Ronaldo's snub wipes $4 bn off Coca-Cola's market value; company responds

Coca-Cola that saw $4 billion wipe off its market value and shares dip by 1.6 per cent due to Portugal football star Cristiano Ronaldo's gesture has responded to the incident. Coca-Cola said that "everyone is entitled to their drink preferences" after Ronaldo removed two bottles of the soft drink placed before him during the press conference.

In a video that has since gone viral, Ronaldo during the press conference after UEFA Euro 2020 match against Hungary on Tuesday, can be seen taking his seat, sliding the bottles far away from himself, picking the water bottled placed in front and saying "agua". It was apparent from the video that the footballer was urging people to drink water instead of aerated drinks.

Coca-Cola that is one of the official sponsors of Euro 2020 said in a statement, "Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences." The spokesperson further said that that people have different "tastes and needs".

However, the damage was done. Coca-Cola's share price dropped to $55.22 from $56.10. The market value of the brand saw a dip of $4 billion from $242 billion to $238 billion.

During the match on Tuesday that Portugal won, Ronaldo scored two goals in a 3-0 win. He is now the all-time top scorer in the tournament.

The Portugal captain is known for his strict fitness regimen. He is also big on social media with 300 million Instagram followers.

Also read: Covid-19 second wave taking fizz out of Coca Cola, PepsiCo biz: Crisil