Celebi Shares Plunge 10% In Istanbul After India Revokes Security Clearance

Last Updated:May 16, 2025, 13:37 IST

Shares of Celebi Hava Servisi AS plunged 10% following Indian government's decision to revoke security clearance of its Indian subsidiary

Celebi shares crash

Celebi Share Price Crash: Shares of Celebi Hava Servisi AS plunged 10% on the Istanbul Stock Exchange on May 16, following the Indian government’s decision to revoke the security clearance of its Indian subsidiary, Celebi Airport Services India. The move came a day earlier when India’s Bureau of Civil Aviation Security (BCAS) announced the cancellation of Celebi’s security clearance with immediate effect, citing concerns over national security.

The decision is seen in the context of Turkiye’s vocal support for Pakistan and its criticism of India’s recent precision airstrikes under Operation Sindoor, which targeted terror camps in Pakistan and Pakistan-occupied Kashmir (PoK). During the brief conflict, Pakistan reportedly deployed Turkish drones, further straining geopolitical relations.

The BCAS, which had initially granted security clearance to Celebi in November 2022 under the ‘Ground Handling Agency’ category, stated in its order: “The security clearance in respect of Celebi Airport Services India Pvt Ltd is hereby revoked with immediate effect in the interest of national security."

Following the revocation, Delhi Airport Limited (DIAL) formally ended its engagement with Celebi’s ground handling and cargo operations at Indira Gandhi Airport (IGIA). DIAL said it is now working with existing service providers like AISATS and Brid Group to ensure continuity of services while protecting employee interests.

On May 16, Celebi’s stock price fell by 222 points (10%) to Rs 2,002, extending a sharp decline of nearly 30% over the past four sessions, amid rising calls within India for a ban on the company’s operations.

In response, Celebi Aviation India denied allegations linking the company to any foreign government or politically motivated influence, asserting its independence and commitment to Indian operations.“We are not a Turkish organisation by any standard and adhere fully to globally accepted practices of corporate governance, transparency, and neutrality, with no political affiliations or links to any foreign government or individuals," the company said in a statement.

Celebi has operated in India for over 15 years and currently provides ground handling services at nine airports across the country, including Mumbai, Delhi, Cochin, Kannur, Bangalore, Hyderabad, Goa, Ahmedabad, and Chennai.

Amid the controversy, Murlidhar Mohol, Minister of State for Civil Aviation, stated that the ministry had received several requests from across India to act against Celebi. “Recognising the seriousness of the issue and the call to protect national interests, we have taken cognizance of these requests, and the Ministry of Civil Aviation has revoked security clearance of the said company," he said on X.

The issue also gained traction due to unconfirmed reports suggesting Sumeyye Erdogan Bayraktar, daughter of Turkish President Recep Tayyip Erdogan, may be a part-owner of Celebi Aviation Holding — a claim the company has not addressed publicly.

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