Shares in AFC Ajax  which is listed on the Amsterdam stock exchange, fell by as much as 21.5% at the open on Thursday after Ajax crashed out of the Champions league semi final in a dramatic final minute when Spurs put them through the Champions league final.

Ajax’s stock fell in  early Amsterdam trading, erasing a  rally of the same amount that followed the team’s 1-0 win in London last week. Defeat cost the club at least an extra 15 million euros ($16.8 million) in prize money, equal to about 16% of its 2018 adjusted revenue.

As well as crushing Ajax’s Champions League hopes, the defeat is bad news for investors who were betting that a Champions League win for the Dutch underdogs would reap big rewards in the form of sponsorships, winnings, transfer fees, and more.Before Thursday morning’s fall, Ajax shares had rallied over 50% since March as the team went deeper in the European competition. The share price is still 23% higher than it was at the start of March despite Thursday’s fall. This is beocming common place in the biggest league in the world . Ajax are not the only club to see dramatic swings in their share price based on their results on the pitch. Shares in Italian football club Juventus  fell by 18% in April after Ajax knocked Cristiano Ronaldo’s team out of the Champions League.

It’s also fueled speculation of big transfer payments as other teams come scouting for Ajax’s young stars. FC Barcelona have already snapped up 21-year-old midfielder Frenkie de Jong for 75 million euros.