Nike has had $1.1bn knocked off its stock market value as after what is being called one of the most expensive apparel failures in history.

The company’s value tumbled by 1.7 per cent on Thursday as it was repeatedly blamed for a sprained knee to rising basketball star Zion Williamson, seen by millions live on TV.

Sports lovers across the US watched in horror as the teenager was crocked when his Nike trainer tore apart mid-shot during a high profile college match. The freshman, who is in the draft for next season’s NBA, had to sit out the rest of the game between his university team Duke Blue Devils and state rivals North Carolina Tar Heels .

Mario Natarelli, managing partner at the MBLM brand agency in New York told CBS News Williamson’s injury was a “very visible shoe structure failure for a company committed to performance and technology of its products”.