Cristiano Ronaldo and Portugal begin their Euro 2020 title defence against Hungary in Budapest
Cristiano Ronaldo and Portugal begin their Euro 2020 title defence against Hungary in Budapest

When one of the world's most recognizable athletes disses your product, it's really not good for business. Beverage maker Coca-Cola (KO) learned that lesson the hard way.

During a Euro 2020 news conference Tuesday, football legend Cristiano Ronaldo deliberately cast aside the two Coca-Cola bottles that were promotionally placed in front of him, then held up a bottle of water and said “agua.”

The encounter lasted a matter of seconds but the damage was done. Coca-Cola saw its market capitalization fall $4 billion after Ronaldo’s response due to a dip in the company's share price.

But, as Brian Sozzi of Yahoo! Finance noted, "it's unlikely" that Coca-Cola will suffer long-term damage from Ronaldo's snub of the beverage, "as the business begins to partake in the global economic recovery."

Coca-Cola insists that players are free to choose from the many different drink options they have available as a sponsor of Euro 2020. They have 200 brands worldwide that include water choices.

They commented that “everyone is entitled to their drink preferences” and that the company offers a “range of drinks to suit different tastes and needs, which are available to players throughout the tournament."

A Euro 2020 spokesperson added, “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.” And that “we could not organize a tournament with such success for players and fans, nor invest in the future of football at all levels.”

Britain’s Obesity Health Alliance tweeted that Ronaldo was only “setting a positive example for young fans and showing his disdain for a cynical marketing attempt to link him with a sugary drink.”

Ronaldo recently posted on social media that his "body is his weapon" and that “we are always told to eat and train well.”

The 36-year-old has several sponsorship deals, which include Nike, Herbalife, Tag Heuer and many others.

The Portugal and Juventus star, who currently has 299 million followers on Instagram, is considered a major influencer. After Ronaldo left Spanish powerhouse Real Madrid in 2018, his Juventus jersey sold 520,000 shirts within just 24 hours of the merchandise being released.

As of Wednesday at 2:41 p.m. ET, shares of Coca-Cola were trading at $54.70, down $0.72, or-1.29%.