Turkey’s Celebi loses over Rs 2,500 crore in 2 days as stock crashes 20% after India revokes security clearance
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Turkey-based airport ground handling company Çelebi Hava Servisi has seen its market capitalisation erode by more than Rs 2,500 crore (USD 293 million) in just two days, with its shares plunging nearly 20% on Thursday and Friday after India revoked the security clearance of its subsidiaries over national security concerns. In response, the Istanbul-headquartered firm said it will “pursue all administrative and legal remedies” to challenge the decision. The company underlined the significance of its India operations, stating that over one-third of its $585 million consolidated revenue in 2024 came from its Indian subsidiaries. The Bureau of Civil Aviation Security (BCAS) revoked the security clearance of Çelebi Airport Services India on Thursday, effective immediately. The move impacted all associated entities of the group operating in the country. Çelebi maintained that its Indian operations are “truly an Indian enterprise” managed by Ind...