Coca-Cola Icecek Stock Slides on Customs Payment and Fine

Coca-Cola Icecek's stock has been experiencing a decline in value today, plummeting by 3.9% to trade at ₺80.00.

The company announced that it had received notification of an additional customs assessment of 705.8 million lira and an administrative fine totaling 2.1 billion lira, for a total amount payable of 2.8 billion lira ($58.2 million).

This news has been met with a cautious view from brokerage Is Yatirim, who referred to it as 'marginally negative' for the stock.

The company's second-quarter earnings presentation on August 11 saw management express concerns about higher raw material, energy, and distribution costs compressing margins in the months ahead.