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Coke market value drops $4 billion after shun by Cristiano Ronaldo

Cristiano Ronaldo's snub of two bottles of Coca-Cola at a Euro 2020 news conference overlapped with a $4 billion drop in the value of the beverage giant.

The soccer star moved two bottles of Coca-Cola away from him during a press conference Monday, motioning to a bottle of water and saying "Agua." 

The share price for Coca-Cola, which does produce several brands of water, dropped by 1.6 percent from $56.10 per share to $55.22 per share almost immediately after Ronaldo publicly removed the bottles, according to multiple reports.

The market value dropped from approximately $242 billion to $238 billion, a roughly $4 billion dip.

Coca-Cola is a sponsor of the Euro 2020 championship.

"Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences and can choose their preferred beverage," the Union of European Football Associations, which organizes the soccer championship, said in a statement to The Hill.

"Coca-Cola offers a range of drinks to suit different tastes and needs, which are available to players throughout the tournament," the union added.

Coca-Cola stock prices continued to dip Wednesday morning.

Ronaldo is not the only soccer player to react to the beverages available at press conferences in recent days.

France midfielder Paul Pogba moved a bottle of Heineken beer away from him in front of reporters. Pogba is a Muslim who does not drink alcohol, ESPN reported.

--Updated at 2:17 p.m.

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