India’s shock determination to revoke safety clearance for Çelebi’s airport operations has worn out almost $200 million in shareholder worth and gutted a 3rd of the Turkish firm’s international income—marking one of many sharpest monetary and strategic collapses within the aviation providers sector this 12 months.
Shares of Çelebi Hava Servisi AS plummeted 20% over two buying and selling periods on the Istanbul Inventory Trade, falling 222 factors to 2,002 lira on Might 16.
That drop dragged the corporate’s market capitalization right down to ₹10,700 crore (roughly 4.8 billion Turkish lira), a staggering 30% beneath its current 52-week excessive.
The collapse was triggered by the Indian authorities’s revocation of safety clearance for Çelebi’s Indian subsidiaries—together with Çelebi Airport Providers India—on grounds of “nationwide safety.”
The transfer comes amid heightened geopolitical friction, notably India’s disapproval of Turkey’s help for Pakistan.
The fallout has gutted Çelebi’s Indian operations, which contributed ₹1,522 crore in income and ₹393 crore in EBITDA in FY24. Its most worthwhile items—Çelebi Delhi Cargo and Çelebi NAS—generated a mixed ₹188 crore in revenue after tax. India accounted for over $195 million of Çelebi’s $585 million international income, making the sudden exit a devastating blow.
Operations at 9 of India’s busiest airports—together with Delhi, Mumbai, Bengaluru, and Chennai—have floor to a halt. Main airports have already reassigned contracts, successfully closing the door on Çelebi’s instant return.
The corporate has additionally been saddled with ₹183 crore in excellent loans tied to its Indian enterprise. With operations stalled, these liabilities now stand on unsure floor. Its $200–$250 million funding in floor dealing with and cargo infrastructure throughout India dangers being written off or repurposed.
Çelebi has moved the Delhi Excessive Courtroom looking for reduction. A listening to is slated for Monday, however with the federal government citing nationwide safety, the street forward seems fraught. Even a court docket victory won’t restore misplaced contracts or investor confidence.
Reportedly over 3,800 staff are affected, with airports pledging to soak up them by different service suppliers.
