Turkey's Celebi loses over Rs 2,500 crore in 2 days as stock crashes 20% after India revokes security clearance
Celebi Hava lost over Rs 2,500 crore in market value after India revoked security clearance citing national security. The company is pursuing legal remedies while denying political links and emphasizing its Indian operations.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
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.Also Read: Street Favourite! SBI, Tata Motors among 10 large-cap stocks analysts expect to rally up to 32% (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
34 minutes ago
- Hans India
Gold rates in Hyderabad today slashes check the rates on 7 June, 2025
The gold rates today slashed in Hyderabad on 7 June, 2025. Going by the rates today, the price of 10 grams of 22-carat gold is Rs. 91,290 with a fall of Rs. 10 while the rate of 10 grams of 24-carat gold is at Rs. 99,600 with a fall of Rs. 10. While the Silver rate is at Rs. 1,14,000 per kilogram. The gold rates in the international market have been fluctuating. Over the past few weeks gold rates have experienced a fall during the wedding season, fluctuating around Rs. 90,000 for 10 grams of 24-carat gold and approximately Rs. 1,00,000 for 10 grams of 22-carat gold. The gold prices mentioned here are due at 8am, the prices could alter at every moment and hence the gold buyers need to track the live prices at a given time. The mentioned prices here are closing prices of yesterday while today's price would begin either with a decrease or increase.
Hans India
34 minutes ago
- Hans India
Gold rates in Delhi today slashes, check the rates on 7 June, 2025
The gold rates in Delhi slashed on 7 June, 2025. Going by the rates today, the price of 10 grams of 22-carat gold is at Rs 91,440 with a fall of Rs. 10 while the rate of 10 grams of 24-carat gold is at Rs. 99,740 with a fall of Rs. 10 While the Silver rate is at Rs. 1,04,000 per kilogram. The gold rates in the international market have been fluctuating. Over the past few weeks gold rates have experienced a fall during the wedding season, fluctuating around Rs. 90,000 for 10 grams of 24-carat gold and approximately Rs. 100,000 for 10 grams of 22-carat gold. The gold prices mentioned here are due at 8 am, the prices could alter at every moment and hence the gold buyers need to track the live prices at a given time. The mentioned prices here are closing prices of yesterday while today's price would begin either with a decrease or increase.
Mint
36 minutes ago
- Mint
A First-Time Homebuyer's Guide to Using a Housing Loan EMI Calculator
Buying your first home can be a major financial decision, therefore, it requires careful planning. While the prospect of homeownership is exciting, it is important to understand your repayment responsibilities from the beginning. A housing loan EMI calculator can help you estimate your monthly instalments and plan your finances effectively. In this article, we explore the housing loan EMI calculator, eligibility criteria, and the documents required in the home loan process. A housing loan EMI calculator is a free online tool that helps you estimate your monthly repayment amount, which includes both the loan principal and the applicable home loan interest. To get started, you just need to enter three details: Loan amount – how much you want to borrow – how much you want to borrow Interest rate – the rate charged by the lender – the rate charged by the lender Tenure – the period over which you will repay the loan The calculator will then display the EMI amount along with the total interest and amount to be paid by the end of the tenure. Some advanced calculators may also provide a repayment schedule (amortisation table) to give you a detailed break-up of your EMIs. First-time homebuyers can use a housing loan EMI calculator as it: Knowing your monthly payment helps you decide whether the loan fits within your current income and expenses. You can try different loan amounts, interest rates, or tenures to see which gives you a manageable EMI. By seeing the total repayment upfront, you can make more realistic borrowing decisions and avoid taking on more than you can handle. Lenders determine the loan amount borrowers can avail of typically based on the following factors: Most lenders require applicants to be at least 21 years of age. The maximum age is usually capped at 60–65, depending on whether the applicant is salaried or self-employed. You should have at least 3 years of work experience if you are a salaried applicant. For self-employed applicant, a minimum of 3 years of business stability is required. A credit score above 750 is preferred, as it reflects responsible credit behaviour. Indian residents as well as salaried NRIs can be eligible to apply for a home loan. To apply for a home loan, you will need to submit certain documents. Having these ready in advance can speed up the approval process. PAN Card or Form 60 (mandatory) Aadhaar Card Passport or Voter ID Utility bill (such as electricity or water) Salary slips (last 3 months) Bank statements showing salary credits Form 16 or Income Tax Returns Business registration certificate Income Tax Returns (last 3 years) Profit & Loss statement and Balance Sheet Sale agreement Title deed Property tax receipts Approved building plan (for new constructions) For first-time homebuyers, preparation is key. Using a housing loan EMI calculator helps you estimate your monthly repayments and structure your loan wisely. Note to readers: This article is part of Mint's paid consumer connect Initiative. Mint assumes no editorial involvement or responsibility for errors, omissions, or content accuracy. Want to get your story featured as above? click here!
