Boycott Turkey: One action by India destroys this Turkey company, loses Rs 17000000000 in one day, the name is…

The Indian authorities has canceled the security clearance of Turkish company Celebi Aviation, which operates at 9 airports across India. This suggests the corporate can now no longer operate in the country.

The Indian authorities had made up our minds to revoke security clearance reportedly due to tensions with Turkey. The scream started after India’s Operation Sindoor, at some level of which Turkey supported Pakistan. Pakistan inclined Turkish drones on this warfare. After which Turkey confronted a astronomical backlash from India and boycotting Turkey was trending on assorted social media platforms.

Immense Loss Of Turkey Firm

After this resolution by the Indian authorities, Celebi Aviation suffered a lack of $200 million (spherical Rs 1,700 crores) in a single day. On May 16, the corporate’s stock on the Istanbul Stock Swap went down by 20% and dropped 222 aspects to settle at 2,002 liras. This decline decreased the corporate’s market capitalization by 4.8 billion liras (spherical Rs 10,700 crores).

Celebi Aviation generated virtually one-third of its total earnings from India, which has now been solely at stake.

Turkish Firm Operations In India

Aviation watchdog BCAS on Thursday revoked the security clearance for Celebi Airport Services India Pvt Ltd in the “curiosity of nationwide security”, days after Turkiye backed Pakistan and condemned India’s strikes on dread camps in the neighbouring country.

Celebi, operating in the Indian aviation sector for over 15 years and utilizing over 10,000 folks, affords its products and companies at 9 airports.

The safety clearance to the corporate, part of Turkiye’s Celebi, was given in November 2022.

Celebi handles spherical 58,000 flights and 5,40,00 tonnes of cargo yearly in India, as per its web space. It's demonstrate at Mumbai, Delhi, Cochin, Kannur, Bangalore, Hyderabad, Goa (GOX), Ahmedabad and Chennai airports.

(With Inputs From PTI)