Dhoni may retain the Team India captaincy but his popularity is on a downward spiral in the corporate sector, with five companies ending endorsement deals with him.

Although, 22 advertisers used Dhoni in commercials during January to November, this figure is lot less when one compare it with the last year. There was a significant dip in the number of brands he endorses. Figure has gone from 43 to 28.

Some industry experts are of the opinion that if Dhoni loses the captaincy, his brand value may drop by more than 30 percent.

“Any change in Dhoni’s current position may lead to a dip in his endorsement brand value by 25-30%,” says Shailendra Singh, joint MD of entertainment and talent management firm Percept Ltd. “There’s always a premium brands pay when they sign up a captain,” he says.

But all is not lost for Dhoni. He has lots of backers, including companies like PepsiCo that recently renewed his endorsement contract.

A series of dismal performance by team India in Tests has led to loud calls for Dhoni’s sacking.