Euro 2020: Coca-Cola mkt cap sees $4bn fall after Ronaldo opts for water

Ronaldo Euro 2020 Coca-Cola water

PORTUGUESE FOOTBALL GREAT Cristiano Ronaldo's recent action of moving two Coca-Cola bottles and replacing them with water during a press conference at the ongoing Euro 2020 has reportedly had severe repercussions on the US soft drink giant's market cap. 

During the press meet ahead of Tuesday night's Portugal vs Hungary match (Ronaldo scored 2 goals in his team's 3-0 win), the Portuguese superstar declared he wasn't a fan of carbonated soft drinks and removed the two Coca-Cola cans kept in front of him for endorsement purposes for the Euro 2020. He encouraged people to drink water instead.

In the aftermath of the "incident", Coca-Cola’s stock price reportedly dropped 1.6% - from $242 billion to $238 billion.

Coca-Cola is an official sponsor of Euro 2020 and have placed two bottles in front of everyone speaking at press conferences.

Coca-Cola released a statement after Ronaldo's presser, saying “everyone is entitled to their drink preferences” and everyone has different “tastes and needs”.

That may well be the case but a $4 billion drop in share value was certainly not what the conglomerate could have "accounted" for by any stretch of imagination.