(Bloomberg) -- Shares of Juventus Football Club (MI:JUVE) sank as much as 14 percent, the most intraday since June 2017, after Cristiano Ronaldo’s team lost to Atletico de Madrid in the UEFA Champions League round of 16 on Wednesday.
Bookmakers lengthened the odds on Juventus progressing to the quarter-finals after two late goals from defenders Jose Gimenez and Diego Godin gave Atletico the advantage ahead of a second-leg clash in Italy on March 12.
The Turin-based side known as “la Vecchia Signora,” or The Old Lady, is now eighth-favorite to win the tournament, according to Bet365, down from fourth favorite on Monday. The bookmaker offers odds on Juventus progressing to the quarterfinals of 16/1, implying a probability of 5.9 percent.
Champions League quarter finalists receive an extra 10.5 million euros ($11.9 million) in prize money, with another 31 million euros potentially at stake if clubs progress further. Success in Europe’s most prestigious tournament also tends to bring greater leverage with sponsors.
The signing of Ronaldo, 34, from Real Madrid last year was a reflection of Juventus’s Champions League ambitions, as well as the obvious commercial benefits, many commentators said at the time. The team reached the final in 2015, but lost to Spain’s FC Barcelona in Berlin.
Even after Thursday’s slump, Juventus is still up about 24 percent since being added to the FTSE MIB benchmark index in December. A deal to sign Arsenal’s Welsh midfielder Aaron Ramsey on a free transfer has also helped lift the stock this year.