A day after the Modi government revoked the security clearance of Çelebi Aviation Holding in India, the shares of the Turkey-based company has plummeted by almost 20% value on Thursday (15th May) and Friday (16th May).
The operations of Çelebi Aviation Holding in have been brought to a sudden halt. It must be mentioned that 1/3rd of the company’s consolidated revenues in 2024 came from India-based subsidaries.
“Following the revocation of security clearance by BCAS, the company’s shares tanked 10 per cent on Borsa Istanbul (Istanbul Stock Exchange) on Thursday and closed at 2,224 Turkish Lira (TL). Then on Friday morning, the Çelebi scrip crashed by another 10 per cent to 2,002 TL. Trading had to be suspended more than once as the stock crashed,” a report by The Indian Express read.
Çelebi Aviation Holding has vowed to pursue ‘administrative and legal remedies’ against the decision of the Modi government.
The background of the controversy
The stringent action against Celebi comes after Turkey’s criticism of ‘Operation Sindoor’ and overwhelming support for Pakistan-sponsored terrorism in India.
Celebi entered the Indian landscape in 2008 through a joint venture at the Mumbai International Airport, where it provided ground handling services.
In a year, Celebi officially registered its operations in India under two entities- Celebi Airport Services India for ground handling and Celebi Delhi Cargo Terminal Management India for cargo services at New Delhi International Airport. Celebi manages around 58,000 flights and 5,40,000 tons of cargo in India annually.
