Boycott Turkey: Modi govt punishes Ankara for supporting Pakistan, Turkish firm loses Rs 2500 loss in just two days due to...
(File)
Boycott Turkey: India's moves to hurt Turkey financially are already showing its impact as the market cap of Celebi Hava Servisi– a Turkish airport ground handling company– has tanked by $293 million (over Rs 2,500 crore), in just two days. According to market data, the company's shares witnessed a decline of nearly 20 percent on Thursday and Friday, a downward spiral experts attribute to India revoking the security clearance of Turkish firm's subsidiaries citing national security concerns.
In a statement, the Istanbul-based firm said it will challenge the Indian government's decision using administrative and legal remedies, while highlighting that its Indian operations form a major chunk of its annual revenue. The Turkish firm revealed that more than a third of its $585 million revenue in 2024 came from its Indian subsidiaries. BCAS revokes security clearance
On Thursday, India's Bureau of Civil Aviation Security (BCAS) revoked security clearance of Celebi Airport Services India with immediate effect, which affected all of Turkish firm's affiliated units operating in the country.
Responding to the government's move, Celebi Hava Servisi stated that its Indian operation is 'truly an Indian enterprise' managed by Indian professionals and 'is not a Turkish organisation by any standards.'
The revocation of the Istanbul-headquartered firm's security clearance is one of the several decisions taken by Prime Minister Narendra Modi-led central government to hurt Turkey economically after the country openly supported Pakistan during the recent India-Pakistan clash. Celebi challenges government order as market caps tanks
According to reports, after Indian government's action, Celebi shares on Borsa Istanbul closed 10 percent lower at 2,224 Turkish lira on Thursday and fell another 10 percent to 2,002 TL on Friday, leading to multiple trading halts, and the company losing Rs 2,500 crore in market valuation in two days.
In a regulatory filing, Celebi Airport Services India said it will pursue all administrative and legal remedies against the government's orders, and called allegations levelled against it as 'baseless'. The firm stressed that its subsidiaries have always complied with Indian laws and have never posed any threat to national 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, employing more than 10,000 Indian nationals to run its Indian operation across nine airports in the country, including Delhi, Mumbai, Bengaluru and Hyderabad, through five different subsidiaries.
Celebi Airport Services India, the group's largest subsidiary, had operations at six airports, before its security clearance was revoked. Celebi owned by Erdogan's daughter?
Meanwhile, social media has been rife with rumors claiming the company's ownership was linked to Sumeyye Erdogan Bayraktar, the daughter of Turkish President Recep Tayyip Erdogan.
However, Celebi has refuted these claims as 'factually incorrect', stating that its majority stake is held by international institutional investors, with no political affiliations, and no connections to Erdogan's daughter.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
16 minutes ago
- Business Standard
Sun TV Q4 results: PAT drops 10.4% to ₹371.77 cr, revenue dips 2.15%
Sun TV Network Ltd, one of India's leading broadcasters, posted a 10.4 per cent year-on-year drop in consolidated profit after tax (PAT) for the March quarter. The PAT stood at ₹371.77 crore, compared to ₹414.94 crore in the same quarter last year, according to its filing with the Bombay Stock Exchange (BSE). The company's revenue from operations during the fourth quarter fell by 2.15 per cent to ₹940.59 crore, from ₹961.28 crore a year earlier. Meanwhile, its total expenses rose significantly by 15.23 per cent, reaching ₹631.89 crore during the same period. Despite the decline in operating revenue, Sun TV Network reported a 7.37 per cent increase in total income — which includes other income streams — at ₹1,179.79 crore. Annual financial performance For the financial year ending March 31, 2025, Sun TV recorded an 11.53 per cent drop in net profit, which stood at ₹1,703.64 crore. This was lower than the ₹1,925.80 crore reported the previous year. The company's total consolidated income for the full year was ₹4,712.60 crore, marking a slight decline of 1.55 per cent from the year before. Sun TV also owns two cricket franchises — Sunrisers Hyderabad in the Indian Premier League and Sunrisers Eastern Cape in South Africa's T20 League. "The results for the quarter and year ended March 31, 2025 include income from the Holding Company's Cricket Franchises ('Sunrisers Hyderabad' and 'Sunrisers Eastern Cape') of ₹144.71 crore and ₹641.96 crore and corresponding costs of ₹112.19 crore and ₹351.04 crore, respectively," the company said. Operations and market performance The broadcaster operates satellite television channels in seven Indian languages — Tamil, Telugu, Kannada, Malayalam, Bangla, Hindi, and Marathi — and runs FM radio stations across the country. On Friday (May 30), shares of Sun TV Networks Ltd closed at ₹629.05 on the BSE, down 1.93 per cent from the previous trading session.
The Print
19 minutes ago
- The Print
Tharoor disappointed over Columbia's condolences to Pak after Op Sindoor
At a media briefing in this Colombian capital city on Thursday, Tharoor elaborated India's position on terrorism, spoke about Operation Sindoor and expressed disappointment over Colombia's response to the Pahalgam terror attack. Tharoor is leading the delegation to Colombia as part of India's global outreach to expose Pakistan's support for cross-border terrorist activities and India's policy of zero-tolerance for terrorism. Bogota, May 30 (PTI) Congress MP Shashi Tharoor, leading an all-party delegation, has voiced his deep disappointment over Colombia offering condolences for the loss of lives in Pakistan following Indian strikes in response to the Pahalgam terror attack. Tharoor 'reaffirmed India's stance on terrorism and expressed disappointment over Colombia's response which has offered condolences for the loss of lives in Pakistan, rather than sympathizing with the victims of terrorism in India,' said BJP parliamentarian Tejasvi Surya. 'There can be no equivalence between those who attack and those who defend,' he said in a social media post. Surya said India, under the leadership of Prime Minister Narendra Modi will continue to deliver strong responses to terrorism. The BJP Lok Sabha MP is part of the nine-member delegation that already travelled to Guyana and Panama before arriving in Colombia on Thursday. Other members of the delegation include Bhubaneswar Kalita (BJP), Milind Deora (Shiv Sena), Shambhavi (LJP), GM Harish Balayogi (TDP) and former ambassador of India to US Taranjit Singh Sandhu. During their stay in Bogota, the delegation will interact with Members of Congress, ministers and other key interlocutors in think tanks. From Columbia, the delegation would travel to Brazil. It will be in the United States in the last leg of its five-nation trip. India carried out precision strikes on nine terror infrastructures early on May 7 in response to the Pahalgam terror attack. Following the Indian action, Pakistan attempted to attack Indian military bases on May 8, 9 and 10. The Pakistani attempts were strongly responded to by the Indian side by inflicting heavy damages to a number of key Pakistani military installations including air bases, air defence systems, command and control centres and radar sites. PTI NPK ZH MPB ZH ZH This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Scroll.in
22 minutes ago
- Scroll.in
Rush Hour: GDP growth slows, 3 get life term for 2022 Uttarakhand murder and more
We're building a brand-new studio to bring you bold ground reports, sharp interviews, hard-hitting podcasts, explainers and more. Support Scroll's studio fund today. India's real gross domestic product for the financial year 2024-'25 grew by 6.5%, showed a provisional estimate released by the Union government. This was the slowest growth since the Covid-19 pandemic year of 2020-'21 and significantly lower than the rate of 9.2% in 2023-'24. The real GDP grew by 7.4% between January and March, lower than the 8.4% expansion during the same period in the previous financial year. Read on. An Uttarakhand court has sentenced a former Bharatiya Janata Party leader's son and his two associates to life imprisonment in the 2022 Ankita Bhandari murder case. A fine of Rs 50,000 each was also imposed on Pulkit Arya, son of former BJP leader Vinod Arya, and his associates Saurabh Bhaskar and Ankit Gupta. Bhandari, a receptionist at a resort in Rishikesh owned by Pulkit Arya, went missing in September 2022. Pulkit Arya, along with Bhaskar and Gupta, initially filed a missing person report but later confessed to killing Bhandari by pushing her into a canal after an altercation. Messages sent by Bhandari to a friend, which were uncovered during the investigation, suggested that the men had allegedly tried to force her into prostitution. Read on. The Supreme Court ordered journalist and YouTuber Ajay Shukla to remove a video in which he made 'scandalous allegations' about a retired judge. The court initiated suo motu contempt proceedings against Shukla, the editor-in-chief of Varprad Media, and issued a notice to him. While the court did not name the judge about whom the allegations were made, Shukla had on May 18 uploaded a video on his YouTube channel about the retirement of Justice Bela M Trivedi. While Trivedi is officially slated to retire on June 9, her last working day was May 13. The bench said that 'such scandalous allegations' were likely to bring disrepute to the court, adding that the freedom of expression was subject to 'reasonable restrictions'. Read on. Israel has agreed to a new temporary ceasefire with Palestinian militant group Hamas proposed by the United States, the White House announced. Hamas said that the proposal was 'still under discussion', but claimed that in its current form, it would only result in 'the continuation of killing and famine' in Gaza. The details of the proposal have not been made public, but Israeli media reported that it would entail Hamas releasing 10 Israeli hostages and bodies of 18 others during a 60-day ceasefire. In return, Israel would release 125 Palestinian prisoners serving life sentences and 1,111 persons detained since October 7, 2023, and hand over the bodies of 180 Palestinians. The Israeli military will also withdraw from certain areas of Gaza, according to the proposal.
