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%.