Boycott Turkey: Modi govt punishes Ankara for supporting Pakistan, Turkish firm loses Rs 2500 loss in just two days due to…

Boycott Turkey: India’s strikes to misery Turkey financially are already showing its affect because the market cap of Celebi Hava Servisi– a Turkish airport flooring handling company– has tanked by $293 million (over Rs 2,500 crore), in barely two days. In accordance to market details, the company’s shares witnessed a decline of honest about 20 p.c on Thursday and Friday, a downward spiral specialists attribute to India revoking the safety clearance of Turkish firm’s subsidiaries citing nationwide security considerations.

In a press launch, the Istanbul-based firm stated this can ache the Indian government’s resolution the utilization of administrative and loyal cures, whereas highlighting that its Indian operations achieve a predominant chunk of its annual earnings. The Turkish firm published that better than a third of its $585 million earnings in 2024 came from its Indian subsidiaries.

BCAS revokes security clearance

On Thursday, India’s Bureau of Civil Aviation Safety (BCAS) revoked security clearance of Celebi Airport Products and services India with immediate quit, which affected all of Turkish firm’s affiliated devices working in the nation.

Responding to the federal government’s circulation, Celebi Hava Servisi acknowledged that its Indian operation is “basically an Indian enterprise” managed by Indian specialists and “is no longer a Turkish organisation by any requirements.”

The revocation of the Istanbul-headquartered firm’s security clearance is one among the different choices taken by Prime Minister Narendra Modi-led central government to misery Turkey economically after the nation overtly supported Pakistan everywhere in the new India-Pakistan conflict.

Celebi challenges government instruct as market caps tanks

In accordance to experiences, after Indian government’s action, Celebi shares on Borsa Istanbul closed 10 p.c lower at 2,224 Turkish lira on Thursday and fell one other 10 p.c to 2,002 TL on Friday, leading to more than one trading halts, and the company dropping Rs 2,500 crore in market valuation in two days.

In a regulatory filing, Celebi Airport Products and services India stated this can pursue all administrative and loyal cures against the federal government’s orders, and known as allegations levelled against it as “baseless”. The firm wired that its subsidiaries admire always complied with Indian legal pointers and admire never posed any threat to nationwide security.

The Turkey-based company has challenged its revocation of security clearance in the Delhi High Court, and the plea is expected to be heard on Monday.

Over 10,ooo Indians work for Celebi

Celebi Hava Servisi entered the Indian market in 2009, and has invested over $250 million since, the utilization of better than 10,000 Indian nationals to coast its Indian operation all over 9 airports in the nation, collectively with Delhi, Mumbai, Bengaluru and Hyderabad, by five different subsidiaries.

Celebi Airport Products and services India, the neighborhood’s largest subsidiary, had operations at six airports, sooner than its security clearance became revoked.

Celebi owned by Erdogan’s daughter?

Within the intervening time, social media has been rife with rumors claiming the company’s ownership became linked to Sumeyye Erdogan Bayraktar, the daughter of Turkish President Recep Tayyip Erdogan.

Nevertheless, Celebi has refuted these claims as “factually erroneous”, citing that its majority stake is held by global institutional investors, with out a political affiliations, and no connections to Erdogan’s daughter.