Turkey could not withstand India's SHOCK, lost Rs 2,500 crore in just two days

Turkish-ground handling airport services firm Celebi Hawa Servicey's market worth fell by more than Rs 2,500 crore (US $ 293 million) within two days. The reason behind that is Turkey coming together with Pakistan, after which India revoked the security clearance of its subsidiaries in view of national security issues. Following which the shares of the company dropped by around 20 percent on Thursday and Friday.

Celebi's Response to India's Decision

In response to India's move, the Istanbul-based company stated that it would seek all administrative and legal recourse to challenge the Indian government's decision. Emphasizing the significance of its Indian businesses, the company stated that over one-third of its revenue of $585 million in 2024 was contributed by its Indian subsidiaries.

A Truly Indian Enterprise?

The Bureau of Civil Aviation Security (BCAS) on Thursday revoked security clearance of Celebi Airport Services India with immediate effect. The move has impacted all the units of the group that operate in the nation. He said its Indian operation was "a truly Indian enterprise" owned and operated by Indian professionals and "by any standard it is not a Turkish organisation".

Market Reaction

After the government directive, shares of Celebi dropped 10 per cent on Boursa Istanbul on Thursday to close at 2,224 Turkish lira and dropped 10 per cent to 2,002 TL on Friday, suspend trading multiple times. As a result of this sell-off, the total market value lost over Rs 2,500 crore over two days. Celebi Airport Services India approached the Delhi High Court to get the order for cancellation quashed, which is scheduled to be heard on Monday. "Our company will take all administrative and legal recourse to clear these unsubstantiated allegations and overturn the directions imposed," Celebi said in a filing with the regulator. The company mentioned in its filing that its subsidiaries have at no point been in violation of Indian laws and at no point have they caused any threat to the nation's security.

Legal Action

Since foraying into the Indian market in 2009, Celebi has invested more than $250 million and is employing more than 10,000 Indians. It is working at 9 airports in the country, including Delhi, Mumbai, Bengaluru and Hyderabad, through five different subsidiaries. The biggest of them, Celebi Airport Services India, was handling operations in six airports. With Celebi stopping operations, several airports and airlines in India are now shifting to other ground handlers like AI Airport Services, Air India SATS and Bird Group.

No Threat to National Security

Meanwhile, the company also made a clarification over social media denying reports linking ownership to Sumey Erdogan, daughter of Turkish President Recep Tayyip Erdogan. Celebi described the claim as "factually incorrect" and reaffirmed that it was owned by international institutional investors with no political connections.  write headline and sub heads and in the end write keywords make sure that there is no palgiarismvand the article must be of 500 words and it should be very interesting.