- By Shubham Bajpai
- Sun, 18 May 2025 03:33 PM (IST)
- Source:JND
Turkey's Celebi, which provides airport ground handling in India, had suffered significant losses after its recent 52-week high. The company has lost nearly $200 million in shareholder value and a third of its global revenue, the Business Today reported.
Celebi Hacva Servisi AS's losses mark one of the sharpest financial and strategic collapses in the aviation service sector this year. On May 16, shares of Celebi plunged 20 per cent to 2,002 lira over two trading sessions on the Istanbul Stock Market Exchange. The company registered a fall of 222 points.
Celebi's market capitalisation, accordingly, dropped to Rs 10,700 crore (approximately 4.8 billion Turkish lira).
This is 30 per cent below its recent 52-week high. One of the biggest collapses in the aviation service sector this year came to Celebi after India revoked security clearance for the company and its Indian subsidiaries, including Çelebi Airport Services India, on the grounds of "national security."
The revocation came in the wake of heightened geopolitical tensions brewed by the India-Pakistan conflict. Turkey extended support to Pakistan during the recent escalation, which India disapproved.
The revocation led to losses for Celebi's Indian operations, which made a contribution of Rs 1,522 crore to the company's revenue system and Rs 393 crore in EBITDA in the financial year 2023-24.
In FY24, the company's most profitable units were Çelebi Delhi Cargo and Çelebi NAS. They generated combined Rs 188 crore.
Celebi on Friday challeged the government's decision in the Delhi High Court arguing that "vague" national security concerns were cited without reasoning. It also argued that the revocation would impact 3,791 jobs and investor confidence, and was issued without any warning to the company.
