Shares in Italian club Juventus fell more than 17 percent in early trading on Wednesday after Cristiano Ronaldo's side were knocked out of the Champions League quarter-finals by Ajax.

Juventus shares were down 17.7 percent at 1.39 euros at 0730 GMT after plunging nearly 21 percent when trading in Milan began.

Shares in the Turin-based club had risen sharply last year following the signing of Ronaldo from Real Madrid.

A young Ajax team stunned Juventus to reach the Champions League semi-finals for the first time since 1997 as Matthijs de Ligt's second-half header secured a 2-1 second-leg victory in Italy on Tuesday.

The defeat halted Ronaldo's bid for a sixth Champions League title.