Coca-Cola loses billions in market value after Cristiano Ronaldo removes bottles and says ‘drink water’

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Coca-Cola’s share price dipped by $4bn (£2.8bn) after Cristiano Ronaldo removed two bottles of the carbonated drink in front of him at a press conference and encouraged people to drink water.

The Portugal captain moved the cola bottles as he sat down to speak to the media at Monday’s Euro 2020 press conference ahead of Tuesday’s Group F opener against Hungary. He then held up a bottle of water and shouted in Portuguese: “Agua!”

Coca-Cola’s share price dropped 1.6 per cent almost immediately from $56.10 to $55.22 (£39.76 to £39.14). The market value of the company fell from $242bn to $238bn – a decrease of $4bn (£2.8bn).

Coca-Cola is one of the official sponsors of Euro 2020.

A spokesperson for the Euros said “everyone is entitled to their drink preferences”, with different “tastes and needs”.

“Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.”

On Tuesday, France midfielder Paul Pogba removed a bottle of Heineken beer that had been placed in front of him at a Euro 2020 news conference.

Pogba, a practicing Muslim, removed the bottle when he sat down to speak to the media after he was named man of the match in France’s 1-0 Group F win over Germany.