Coca-Cola Icecek AS shares fell 3.9% to ₺80.00 on Tuesday as investors reacted to a customs-related fine and additional assessment totaling 2.8 billion lira ($58.2 million). The administrative fine accounted for 2.1 billion lira, with an additional 705.8 million lira in customs payments, according to company disclosures.
The penalties equate to roughly 1% of the company’s market capitalization, based on its current share price. Coca-Cola Icecek’s 52-week high stands at ₺93.50, underscoring the decline from recent peaks. The company disclosed the customs assessment and fine notification on a Friday, with the administrative fine and additional payments combining to form the total liability.
Analysts at JPMorgan downgraded Coca-Cola Icecek to Neutral from Overweight, citing the news as a marginal negative for the stock. The bank maintained a price target of ₺79, below the current trading level. Local brokerage Is Yatirim also characterized the development as marginally negative for investor sentiment.
The company reported a 9.8% year-over-year increase in volume to 519 million unit cases for the second quarter of 2026, though volume in its home market of Turkey contracted by 1.1% during the period. Coca-Cola Icecek’s earnings presentation for the quarter was held on August 11.
Management struck a cautious tone on second-half prospects, warning that higher raw material, energy, and distribution costs could pressure margins. Despite beating revenue forecasts, full-year guidance was left unchanged. International operations, particularly in Pakistan and Central Asia, continued to drive growth, offsetting some of the softness in Turkey.
