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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
14 minutes ago
- Time of India
Defence exports to go up after Operation Sindoor, says Secretary Defence R&D
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Export of indigenous defence equipment will witness an uptick following Operation Sindoor as it is "war-tested" now, Chairperson of Defence Research and Development Organisation ( DRDO ) Samir V Kamat said on to reporters on the sidelines of the Confederation of Indian Industry (CII) Annual Business Summit-2025 in the national capital, Kamat said that weapons used during the 'Operation Sindoor' have built confidence among importing countries."I am hopeful that exports will increase after Operation Sindoor because now these (equipments) have been war-tested," said Kamat, the Secretary Defence R&D and DRDO Defence R&D chairman said that following the four-day military conflict with Pakistan earlier this month India's defence sector is attracting a lot of attention."After Operation Sindoor, I sincerely hope that exports will increase because they have just been tested. Equipment and other countries will show a lot of interest in buying them right now," said said that India is already exporting defence equipment to over hundred countries and there are possibility that this number will go up after this operation."Already we are exporting to hundred countries, then I sincerely hope that this equipment will go to the hundred Countries and some other countries who are not buying us right now will also be interested in buying our equipment right now," he told further added that the recently approved execution model of the Advanced Medium Combat Aircraft (AMCA) programme will open up the participation of private sector for fighter aircraft defence ministry had on May 27 approved the Advanced Medium Combat Aircraft (AMCA) Programme Execution Model, a key step to boost India's indigenous defence capabilities and strengthen the domestic aerospace Aeronautical Development Agency (ADA) is set to execute the programme through industry Execution Model approach provides equal competitive opportunities to the private and public sectors. They can bid either independently, as joint ventures, or as entity/bidder should be an Indian company compliant with the laws and regulations of the country, the statement said."In this execution model, the HAL can bid. Private sector can bid. They can also bid as a joint venture. So this will open a participation of private sector four fighter aircraft," Kamat said that the development should be completed by 2034, and then the production will start by 2035. He said the first prototype flight will be ready by the end of in his address at the CII plenary event, Rajnath Singh said that that under the Advanced Medium Combat Aircraft (AMCA) project, the Government, with industry participation plans to develop five prototypes of the 5th generation fighter aircraft, which will later lead to series the Annual Summit of the CII in the national capital, Singh said the decision should be considered a milestone in the history of the ' Make in India ' project, he said, will promote self-reliance (Atmanirbharta) in the defence the Advanced Medium Combat Aircraft programme Execution Model, the private sector will get an opportunity to participate in a mega defence project along with public sector companies for the first time.
The Print
20 minutes ago
- The Print
Cong accuses BJP of trying to take political advantage of Operation Sindoor
'It is a matter of great shame that the Modi government wants to use the vermilion as a shield to hide its political and diplomatic failure. How low will the Modi government stoop to take credit for the valour and bravery of the armed forces?' she asked at a press conference at the party's headquarters at 24, Akbar Road here. Congress spokesperson Ragini Nayak referred to reports that have claimed the Modi government is preparing to take the success of Operation Sindoor to every household under which 'sindoor' will be given to women as a gift from June 9, when the Modi government completes one year of its third term. New Delhi, May 29 (PTI) The Congress on Thursday accused the BJP of trying to take political advantage of Operation Sindoor with its reported plans to distribute vermilion among women across the country and said that the drive was a 'shield' to hide the Modi government's 'political and diplomatic failure'. The BJP has officially not shared any details of its plans for its anniversary celebrations to mark one year of 'Modi government 3.0′. There was no immediate comment from the ruling party on the Congress' claims. 'When Narendra Modi was not satisfied with putting up big posters of Operation Sindoor in every district and every corner of the country with his photo on it and by dressing up in army uniform… Now, the BJP has announced that it will go door-to-door and distribute 'sindoor',' Nayak claimed. If the BJP wants to go door-to-door and distribute vermilion, then it should first answer for whom and for what will this 'government vermilion' given by strangers be useful, the Congress spokesperson asked. 'Don't the self-proclaimed 'contractors of Hinduism' know that the sindoor (vermilion) in the parting of a Hindu Sanatani married woman's hair is applied by her husband or she gets it from her in-laws or from a Shakti Peeth/temple as a blessing for good fortune?' Nayak asked. 'How can the BJP-RSS people distribute vermilion among women when terrorists who ruined the married life of the women (in the Pahalgam terror attack) have not been killed yet?' she asked. Nayak claimed the box in which the vermilion will be kept will also have Prime Minister Narendra Modi's photo printed on it. 'BJP MLA Ranveer Singh Pathania says, 'The Air Force is useless because they were sleeping when Pakistan was attacking'. All this is happening, but Narendra Modi is silent. Madhya Pradesh Deputy CM Jagdish Devda has also said that the whole country, the entire army bows at the feet of Narendra Modi,' she claimed. The Congress spokesperson said when the BJP-RSS come with vermilion, women must ask them — due to whose mistake the demands of so many women in Pahalgam were left unheard and who is responsible for the mistakes and why has he not resigned. They must ask who is responsible for the losses 'we suffered after giving information/warning to Pakistan before the operation and when will his resignation be taken', she said. 'Why was the vermilion deal done under pressure from Trump and trade?' asked Nayak. India carried out precision strikes under Operation Sindoor on terror infrastructure in Pakistan and Pakistan-occupied Kashmir (PoK) in the early hours of May 7 in response to the April 22 Pahalgam terror attack that claimed 26 lives. Following the Indian action, Pakistan attempted to attack the Indian military bases on May 8, 9 and 10. The Indian forces launched a fierce counter-attack on several Pakistani military installations. India and Pakistan reached an understanding on May 10 to end the military confrontation after four days of intense cross-border drone and missile strikes. PTI ASK AS AS This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
20 minutes ago
- The Print
Bengal guv hails PM Modi's visit, calls it a ‘great day for Bengal to celebrate'
Kolkata, May 29 (PTI) West Bengal Governor CV Ananda Bose on Thursday described Prime Minister Narendra Modi's visit to the state — to lay the foundation stone of a Rs 1,010-crore City Gas Distribution (CGD) project in Alipurduar and Cooch Behar districts — as a 'great day for Bengal to celebrate.' Speaking to PTI, the Governor lauded the Prime Minister's 'relentless efforts for an overall development of the nation, particularly Bengal.' 'As far as development is concerned, the PM has been working tirelessly for the progress of the entire country, with a special focus on Bengal,' he said. Bose also noted the symbolic significance of the PM's visit coming in the backdrop of the success of 'Operation Sindoor', recently undertaken by Indian armed forces. PTI SCH MNB
