At a pre-match press conference in Budapest, football icon Crristiano Ronaldo pushed aside two bottles of Coca-Cola and held up a water bottle instead. The gesture didn't need much interpretation and it was obvious that the fitness enthusiast didn't encourage aerated drinks. But how did that small gesture impact the share price of the soft drinks company? We explain. 

What was the immediate impact of Ronaldo's gesture? 

The gesture seemed to encourage people to drink water instead of aerated drinks. The entire video was shared widely on social media platforms. Ronaldo, one of the biggest sports stars in the world, has almost 300 million Instagram followers. By the end of the press conference, the company's share price dropped from $56.10 to $55.22, a $4 billion drop in its market value. 

Has Ronaldo expressed his disdain for aerated drinks before this?

Ronaldo is known for his love for fitness and there he has earlier spoken about how he reprimands his son for drinking aerated drinks. 

Will it affect the brand Coca-Cola in the long-term?

Experts say that although it has hit the soft drinks company hard, it will not have a long-term impact. Also, the share prices don't reflect the actual turnover. 

How did Coca-Cola respond?

A spokesperson for Coca Cola, the official sponsor of Euro 2020 said in a statement, "Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences." He then added that everyone was entitled to their tastes and needs.