By News Desk 
Turkish ground handling firm Çelebi Hava Servisi has seen a dramatic erosion in its market capitalization — losing over ₹2,500 crore (approx. $293 million) in just two days. The sharp decline comes in the wake of India revoking the security clearance of Çelebi’s Indian subsidiaries over national security concerns, following Turkey’s public support for Pakistan during recent Indo-Pak tensions.
This action triggered a steep sell-off in Çelebi’s shares on the Borsa Istanbul, with the stock plunging nearly 20% over Thursday and Friday, halting trading multiple times.
India’s Action and Çelebi’s Response
In response to the cancellation of its security clearance by India’s Bureau of Civil Aviation Security (BCAS), the Istanbul-based company stated that it will pursue all administrative and legal remedies to challenge the decision. Çelebi highlighted the critical importance of its Indian operations, noting that more than one-third of its $585 million global revenue in 2024 came from its subsidiaries in India.
BCAS issued the revocation order on Thursday with immediate effect, affecting all of Çelebi’s operational units in the country. Çelebi emphasized that its Indian arm is “in every sense an Indian enterprise”, managed entirely by Indian professionals, and claimed it should not be viewed as a Turkish organization under any legal or operational definition.
The move from Indian authorities came shortly after Turkey publicly backed Pakistan in a diplomatic dispute, raising concerns within India regarding foreign involvement in sensitive sectors like aviation.
₹2,500 Crore Wipeout in Market Cap
Following India’s decision, Çelebi’s stock closed down 10% at 2,224 Turkish Lira on Thursday and again fell 10% to 2,002 TL on Friday, triggering multiple trading halts. This sharp decline wiped out over ₹2,500 crore of the company’s market value in just two sessions.
In a regulatory filing, Çelebi said it would “use all legal and administrative channels to reverse the cancellation”, arguing that the allegations are “unsubstantiated” and that the Indian subsidiaries have always complied with local laws and posed no threat to national security.
Major Indian Presence: Investment and Employment
Çelebi has had a significant footprint in India since entering the market in 2009, with over $250 million (₹2,100 crore) invested and more than 10,000 Indian employees on its payroll. The company operates across nine airports in India through five subsidiaries, including major hubs like Delhi, Mumbai, Bengaluru, and Hyderabad.
The largest among them, Çelebi Airport Services India, was operational at six airports before the clearance was revoked. With Çelebi’s operations now in limbo, many Indian airports and airlines are turning to alternate ground handling providers such as AI Airport Services, Air India SATS, and the Bird Group.
Denial of Erdogan Family Links
As speculation grew on social media linking Çelebi’s ownership to Sumeyye Erdogan Bayraktar, the daughter of Turkish President Recep Tayyip Erdogan, the company issued a public clarification. It strongly denied any such connection, stating that the claims are factually incorrect.
Çelebi reiterated that the majority of its ownership lies with international institutional investors with no political affiliations, distancing itself from any geopolitical controversy.
This ongoing situation highlights how geopolitical tensions can rapidly spill into the corporate and commercial space — especially in sensitive sectors like aviation. All eyes are now on the Delhi High Court, where Çelebi is expected to challenge the cancellation order, with a hearing anticipated on Monday.