Coca-Cola shares fall after Ronaldo’s act

Portugal and Juventus’ superstar Cristiano Ronaldo’s action of removing two Coca-Cola bottles had a negative impact on the brand as the company has reported a drop in its share price after the act.

As per reports, Coca-Cola’s share price dropped from $56.10 to $55.22, taking a 1.6% dip right after Ronaldo’s act and it saw the market value of the brand going down from $242bn to $238bn (a drop of $4bn).

Significantly, before his team’s press conference ahead of the Hungary match in Euro 2020, the Portugal captain asked people to drink water and snub Coca-Cola. As Ronaldo arrived to attend Portugal’s press conference with manager Fernando Santos, he spotted two bottles of Coca-Cola in front of him and decided to remove them from the camera angle altogether.

Even though Coca-Cola is one of the sponsors of Euro 2020, Ronaldo had no issue in spreading a stern message.

Later, Coca-Cola also issued a statement on Ronaldo’s act saying: “everyone is entitled to their drink preferences” as people have different “tastes and needs”.

On the other hand, a spokesperson of Euro 2020 tournament said: “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.”

Notably, the video of Ronaldo removing Coca-Cola went viral on social media with several fans sharing it extensively and as a result, it had a negative impact on the beverage maker’s stock prices.

News Desk

Read Previous

ECB apologises for scheduling India-England women’s Test on a used pitch

Read Next

Bombay HC sets aside arbitration award asking BCCI to pay Rs 4,800 crore to DHCL

%d bloggers like this: