Turkey-based Çelebi's stock price crashes nearly 20% in 2 days; company says will pursue 'administrative and legal remedies' to reverse India's decision

Turkey-based airport ground handling major Çelebi Aviation Holding's shares have lost almost 20 per cent value on Thursday and Friday in the wake of India's decision to revoke the security clearance of the company's India arms, effectively bringing its India operations to a sudden halt.

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Meanwhile, the Istanbul-headquartered company told investors that it will "pursue all administrative and legal remedies" to reverse the Indian government's decision. Underscoring the importance of its India business, the company said that a third of its consolidated revenue in 2024 came from its Indian subsidiaries. Amid the backlash in India over Turkey's support for Pakistan in the in the India-Pakistan conflict, India's aviation security regulator Bureau of Civil Aviation Security (BCAS) on Thursday revoked the security clearance of an Indian arm—Çelebi Airport Services India—of Çelebi on grounds related to "national security" with immediate effect. The revocation also applies to other associate entities of Çelebi in India. Defending itself, Çelebi Airport Services India said that it is "truly an Indian enterprise" led and managed by Indian professionals, and is "not a Turkish organisation by any standard".