Shares in Italian football giant Juventus fell by nearly 22% at the open of the Milan stock market on Wednesday, after the club was knocked out of the Champions League by Ajax Amsterdam.
They recovered slightly but were down 17% at €1.40 (£1.21) in early trade.
The Dutch club triumphed 2-1 in Turin, in the quarter-final, second-leg tie, to take them through 3-2 on aggregate.
Juventus has won a record number of Italian titles, and was a Champions League finalist in 2015 and 2017.
The star-studded team, led by superstar player Cristiano Ronaldo, had been hot favourite to progress to the semi-finals of Europe’s top club competition.
Shares in the club had hit a 2019 high of €1.71 earlier this week ahead of the game.
Ajax shares gain
At Juventus’s Allianz Stadium on Tuesday night Ronaldo, a five-time winner of the tournament, headed the Italian hosts in front from a first-half corner.
But Ajax battled level as Donny van de Beek controlled Hakim Ziyech’s shot and slotted past Wojciech Szczesny.
Then the Amsterdam club’s teenage captain Matthijs de Ligt’s scored to eliminate the Serie A leaders.
Shares in Ajax were up 7.58% at €18.45 in morning trade after their victory, valuing the club at €314m.
Juventus was placed 11th in Deloitte’s annual world football rich list this January, with annual revenues of €350m, making it Italy’s richest club.
Ajax failed to make the Top 20 of the Deloitte chart.