Ace footballer Cristiano Ronaldo is in news once again! The Portugal captain did something during a press conference ahead of Portugal Vs Hungary match of the Euro2020 tournament, which triggered a crash in the shares of US beverage company Coca-Cola. Zee Business' Senior Research Analyst Varun Dubey has this interesting report.  

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Dubey said that this is a story that interlinks sports with the stock markets. He said that during a pre-match press conference he removed two Coca-Cola bottles that were placed in front of him and put them aside. He then picked up a water bottle and showed it to the camera. This action had a big impct on the Coca Cola stocks.

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Dubey said that usually sportspersons do not consume beverages and this was reflected in Ronaldo’s actions as he removed the Coca-Cola bottles and picked the water bottle.  

It appeared as if he was suggesting that people should keep away from carbonated soft drinks and instead drink water.  

Soon after this, the Coca-Cola shared dropped by almost 1.5 per cent, Dubey said. This translates to a loss of USD 4 billion in the share price of Coca-Cola, Dubey said. 

The company later issued a statement saying that “everyone is entitled to their drink preferences” as people have different “tastes and needs”.

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He was not alone to do this as a French footballer Paul Pogba who also plays for Manchester United did something similar. Pogba also removed non-alcoholic Heineken NV beer bottles and took a water bottle.  

He said that it is an indication that sportspersons are asking people to be away from cold drinks and are promoting water.  

He also gave the example of Indian cricketer Virat Kohli who refused to endorse Pepsi in 2017. 

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