Shares in UK soft drinks firm Britvic fell by 12% to 180p after it announced a 32% fall in first-half profit.
Pepsi is one of the fizzy drinks Britvic produces in the UK
Britvic also said full-year earnings would be slightly below expectations.
The group, which sells Pepsi, Tango and Robinsons as well as its own brands, has been hit by a consumer move away from fizzy and sugary drinks.
It said it had been a "difficult" six months in the carbonated drinks market since Christmas, with its revenue from brand-name drinks down 5.3%.
Shares later recovered slightly to stand at 192.50p.
The firm is looking stronger in the still drinks sector, where sales are up on last year's level.
Britvic is the second-largest fizzy drinks firm in the UK behind Coca-Cola.