According to media sources, Turkish airport services firm, Celebi Aviation Holding’s shares fell nearly 20 per cent over Thursday and Friday. The drop followed India’s decision to revoke security clearance for the company’s Indian subsidiaries, halting its operations in the country.
The Istanbul-based firm said it will pursue all administrative and legal remedies to challenge the move. It stressed the importance of its India business, noting that a third of its consolidated revenue in 2024 came from Indian operations.
Earlier, India’s Bureau of Civil Aviation Security (BCAS) revoked the clearance of Çelebi Airport Services India citing national security concerns. The action also extends to Çelebi’s other associate firms in India. The move came amid rising tensions, with India objecting to Turkey’s vocal support for Pakistan in the India-Pakistan conflict.
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