Boycott Turkey: One action by India destroys this Turkey company, loses Rs 17000000000 in one day, the name is…

The Indian government has canceled the security clearance of Turkish company Celebi Aviation, which operates at nine airports across India. This means the company can no longer operate in the country.

The Indian government had decided to revoke security clearance reportedly due to tensions with Turkey. The issue started after India’s Operation Sindoor, during which Turkey supported Pakistan. Pakistan used Turkish drones in this conflict. After which Turkey faced a huge backlash from India and boycotting Turkey was trending on different social media platforms. 

Huge Loss Of Turkey Company

After this decision by the Indian government, Celebi Aviation suffered a loss of $200 million (around Rs 1,700 crores) in a single day. On May 16, the company’s stock on the Istanbul Stock Exchange went down by 20% and dropped 222 points to settle at 2,002 liras. This decline reduced the company’s market capitalization by 4.8 billion liras (around Rs 10,700 crores).

Celebi Aviation generated nearly one-third of its total revenue from India, which has now been entirely at stake. 

Turkish Company Operations In India

Aviation watchdog BCAS on Thursday revoked the security clearance for Celebi Airport Services India Pvt Ltd in the “interest of national security”, days after Turkiye backed Pakistan and condemned India’s strikes on terror camps in the neighbouring country.

Celebi, operating in the Indian aviation sector for over 15 years and employing over 10,000 people, offers its services at nine airports.

The security clearance to the company, part of Turkiye’s Celebi, was given in November 2022.

Celebi handles around 58,000 flights and 5,40,00 tonnes of cargo annually in India, as per its website. It is present at Mumbai, Delhi, Cochin, Kannur, Bangalore, Hyderabad, Goa (GOX), Ahmedabad and Chennai airports.

(With Inputs From PTI)

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