Coca-Cola Lost Market Cap Worth Rs 29,300 Crore After Football Player Ronaldo’s Gesture For Drinking Water
New Delhi, 16th June 2021: A small gesture of footballer Cristiano Ronaldo whipped out Rs 29,300 crores from the market cap of global beverages giant Coca-Cola. He removed a Coca-Cola bottle from his front and replaced it with a water bottle during a press conference ahead of the Portugal team’s Euro 2020 match against Hungary.
He got the bottles out of his sight and advocated the use of water instead. Due to this, Coca-Cola suffered a loss of Rs 29,300 crore. Ronaldo is a superstar and everything he does has an impact off the field as well and since this was a public gesture the beverage company suffered a loss of its brand value.
There is no doubt that Portugal’s star striker Ronaldo is one of the fittest players in the world. Inspite of his age of 36, the Portuguese superstar has the ability to compete with players 10 years younger than him. Even though Coca-Cola is one of the sponsors of Euro 2020, Ronaldo did so and urged everyone to ‘drink water’ instead. Such a suggestion from the global football superstar led to the loss of the Coca-Cola brand by US$ 4 billion, or Rs 29,300 crore.
According to media reports, since this happened, the share price of Coca-Cola fell from $56.10 to $55.22. Coca-Cola’s stock fell 1.6% just after Ronaldo’s gesture. The brand’s market value then dropped from $242bn to $238bn (a $4bn drop). This move of Ronaldo created an atmosphere against the Coca-Cola company and it affected the price of the company’s shares.
Coca-Cola released their statement after Ronaldo’s act and said, “Everyone is entitled to their drink preferences” as people have different “tastes and needs”.
Euro 2020 spokesperson also shared his views on the incident and said, “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.”
