Ben Stokes has lost a lucrative contract with sportswear brand New Balance following his arrest last month.
The England all-rounder was detained by police on suspicion of causing actual bodily harm after being involved in an incident near a Bristol nightclub on September 26.
A New Balance spokesperson said that the firm terminated its contract with Stokes because it "does not condone behaviour that does not match our brand culture and values".
The cricketer's agent Neil Fairbrother issued a statement in support of his client after discussing the circumstances surrounding the incident with him.
"Ben explained to me the full circumstances of what happened in Bristol and I told him that he has my total report and backing," it read.
"I am aware that he has fully cooperated with the police inquiry and voluntarily provided a detailed statement on the same day as the incident. He will continue to assist the police in any way he can.
"Ben will also make public his full explanation and evidence when the time is right.
"On legal advice, that is not possible whilst the investigation continues and no charges have been brought forward. Ben does not wish to prejudice the process.
"He is also concerned about the impact the widespread publicity has on everyone involved including the ECB, his teammates and the game of cricket itself which he loves.
"We will not be making any further comment."
The England and Wales Cricket Board has said that the 26-year-old will not travel to Australia on October 28 with the rest of the England Ashes team "at this stage".