Boycott Turkey Impact: One move by India destroys this Turkish company; suffers Rs 17000000000 loss in just 24 hours; company is...
Turkey had backed Pakistan during Operation Sindoor, in which India carried out precision strikes on terror infrastructure in Pakistan and PoJK in response to the Pahalgam terror attack. Soon, the Boycott Turkey movement in India started growing, thereby leading to a sharp decline in the sale of Turkish goods, causing its nation to face economic setbacks.
Moreover, the Association of Indian Universities (AIU) has urged all Indian universities to cancel academic collaborations with institutions in Pakistan, Bangladesh, and Turkey in the wake of the April 22 terrorist attack in Pahalgam, which claimed the lives of 26 civilians. According to an ANI report, in a letter dated May 15, the AIU asked vice-chancellors across India to terminate all Memorandum of Understanding (MoUs) with institutions in these three countries. The AIU cited the support extended by Bangladesh and Turkey to Pakistan as the basis for the move.
Turkish companies operating in India are also facing the heat due to the Boycott Turkey trend. One such example is Çelebi Aviation, a Turkish ground-handling service provider. Recently, the Indian government revoked Çelebi Aviation's security clearance with immediate effect. According to the news agency PTI report, on May 19, the Centre said the decision to revoke clearance was taken in the interest of national security in light of certain inputs that continuing the services of the petitioner companies would be hazardous in the current scenario. Celebi, operating in the Indian aviation sector for over 15 years and employing over 10,000 people, offers its services at nine airports.
The impact was swift and severe: within just two days, the company's valuation dropped by nearly one-third. As per AajTak report, the move has also put the jobs of around 3,800 employees at risk, raising concerns over possible large-scale layoffs.
Bureau of Civil Aviation Safety (BCAS) on May 15 revoked the security clearance, days after Turkey backed Pakistan and condemned India's strikes on terror camps in the neighbouring country.
BCAS, in its order, said, '… the security clearance in r/o Celebi Airport Services India Pvt Ltd is hereby revoked with immediate effect in the interest of national security.' The security clearance to the company, part of Turkey's Celebi, was given in November 2022.
Before this boycott, leading travel companies like EaseMyTrip, MakeMyTrip, and Ixigo issued advisories recommending travelers to avoid visiting Turkey and Azerbaijan.
Following the Indian government's decision, Çelebi Aviation faced a sharp financial setback, losing nearly $200 million (approx. Rs 1,700 crore) in just one day. On May 16, the company's shares on the Istanbul Stock Exchange fell by 20%, sliding 222 points to close at 2,002 liras. This decline reduced the company's market capitalization by 4.8 billion liras (around Rs 10,700 crores), marking a 30% drop from its 52-week high.
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