Coca-Cola Icecek AS saw a drop in sales in Turkey and Pakistan due to calls in the region to boycott brands with perceived links to Israel amid conflict in the Middle East and an economic slowdown.

The Istanbul-based company’s September quarter sales volume fell by 12.2% in Turkey and 22.9% in Pakistan from the previous year, it said in a filing on Tuesday. Shares of Coca-Cola Icecek fell 7.1% to 45.12 liras in Istanbul on Tuesday, its biggest decline since May 2023. The shares slumped as much as 4.8% on Wednesday.