Turkey's Celebi loses over Rs 2,500 crore in 2 days as stock crashes 20% after India revokes security clearance
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 Indian professionals and 'not a Turkish organisation by any standard.'
The action by Indian authorities comes amid a diplomatic backlash over Turkey's support for Pakistan during last week's India-Pakistan conflict, which saw military tensions escalate between the two neighbours. The revocation of security clearance was reportedly grounded in national security considerations.
Following the government order, Çelebi's shares fell 10% on the Borsa Istanbul on Thursday, closing at 2,224 Turkish Lira, and crashed another 10% on Friday to 2,002 TL, triggering multiple trading halts. The sell-off resulted in a total market value loss of over Rs 2,500 crore in two days.
Çelebi Airport Services India has moved the Delhi High Court to set aside the revocation order, with a hearing expected on Monday.
'Our Company will pursue all administrative and legal remedies to clarify these unfounded allegations and to reverse the imposed orders,' Çelebi said in a regulatory filing. It added that its subsidiaries had always complied with Indian laws and never posed any threat to national security.
Since entering the Indian market in 2009, Çelebi has invested over $250 million and employs more than 10,000 Indians. It operates at nine airports across the country—including Delhi, Mumbai, Bengaluru, and Hyderabad—through five different subsidiaries. Çelebi Airport Services India, the largest among them, was operating at six airports.
With Çelebi's operations suspended, several airports and airlines in India are now shifting to alternative ground handlers such as AI Airport Services, Air India SATS, and Bird Group.
Meanwhile, the company also issued a clarification denying social media claims linking its ownership to Turkish President Recep Tayyip Erdoğan's daughter, Sümeyye Erdoğan Bayraktar. Çelebi called the allegation 'factually incorrect' and reiterated that it is majority-owned by international institutional investors with no political affiliations.
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