The shares fell 6.4 per cent to $9.45 in heavy trading with more than 9.7 million shares changing hands, which is over four times its recent daily volumes traded.

The sell-off came in the wake of investor presentations last Friday that left investors underwhelmed over the group's near-term earnings outlook.

Ahead of the briefing, the shares had risen steadily but the lack of 'good news' to justify the gains prompted investors to head for the exits, brokers said.

Of the thirteen analysts who follow the company, there is only one "buy" recommendation (Citi) and one overweight/in-line call (Morgan Stanley) with all other analysts placing neutral/underweight/underperform or 'sell' recommendations.

"Coca-Cola Amatil's strategy day highlighted a business paddling hard to overcome the structural tide of volume weakness," CLSA's analyst Richard Barwick told clients, reiterating his 'sell' recommendation as he pointed to the shares which trade on a high earnings multiple which is propped up by low single digit earnings growth.

UBS has the most bearish 12-month price target for the company's shares, at just $7.90.

"Coca-Cola Amatil is facing a number of structural pressures, which in our mind create risk to guidance medium term," UBS told clients in a note on Monday, "these being:

i) Health focus: Consumption per capita of [soft drinks] in Australia is falling at an accelerating rate as consumer focus shifts to healthier eating;

ii) Competition: Is increasing, via rising promotional intensity, particularly in grocery; and

iii) Taxation: Through the refund scheme (NSW) and potential sugar tax."

All told, given these risks with the shares trading at 19 times forecast earnings with only minor EPS growth likely over the next few years, UBS is of the view that the company's shares are "not cheap".

At Friday's briefing, Coca-Cola Amatil management made it clear the company is struggling to revive the decline in demand for its aerated soft drinks, saying it has "much planned by way of halting the decline in sparling [drinks] and slowly building back to growth.

"We are now confident that we have many of the key building blocks for growth in place," Barry O'Connell, the head of the group's Australian beverages unit told the investor meeting.

While targeting niche market sectors such as 'adults' which it has dubbed a"a rapidly emerging growth segment" within its soft drinks division, most analysts are focused on the group's efforts to continue to cut costs as it seeks to expand earnings over the next few years.

Asked why the shares fell so heavily, a company spokesman said: "Nothing fundamental has changed in our business, or in any of the markets in which we operate, between last week and this week. So this may simply be a case of markets being markets."

Following Friday's briefing, analysts said the bearish outlook for the company in the near term was underscored, with a heightened reliance on cost reduction to drive earnings gains.

"The business is structurally challenged and it is facing head winds like the container deposit scheme and the change in the formula with the US. It is also faced with rising costs heading into 2017 and the ability to pass on price rises to recoup those higher costs is limited," one analyst said who declined to be named. "It is hard to advise clients to look at buying the shares."

When addressing investors and analysts last Friday, the company confirmed it would be seeking to cut another $100 million out of its cost base as it is faced with a change in the formula it pays to The Coca-Cola Co in the US for the syrup used in its cola drinks.

The US company wants to shift the formula to pricing based on the revenue charged per drink rather than a price paid per litre sold. The shift is potentially significant given the trend towards buying smaller volumes of its soft drinks.