India’s shock decision to revoke security clearance for Çelebi’s airport operations has wiped out nearly $200 million in shareholder value and gutted a third of the Turkish company’s global revenue—marking one of the sharpest financial and strategic collapses in the aviation services sector this year.
Shares of Çelebi Hava Servisi AS plummeted 20% over two trading sessions on the Istanbul Stock Exchange, falling 222 points to 2,002 lira on May 16.
That drop dragged the company’s market capitalization down to ₹10,700 crore (approximately 4.8 billion Turkish lira), a staggering 30% below its recent 52-week high.
The collapse was triggered by the Indian government’s revocation of security clearance for Çelebi’s Indian subsidiaries—including Çelebi Airport Services India—on grounds of “national security.”
The move comes amid heightened geopolitical friction, notably India’s disapproval of Turkey’s support for Pakistan.
The fallout has gutted Çelebi’s Indian operations, which contributed ₹1,522 crore in revenue and ₹393 crore in EBITDA in FY24. Its most profitable units—Çelebi Delhi Cargo and Çelebi NAS—generated a combined ₹188 crore in profit after tax. India accounted for over $195 million of Çelebi’s $585 million global revenue, making the sudden exit a devastating blow.
Operations at nine of India’s busiest airports—including Delhi, Mumbai, Bengaluru, and Chennai—have ground to a halt. Major airports have already reassigned contracts, effectively closing the door on Çelebi’s immediate return.
The company has also been saddled with ₹183 crore in outstanding loans tied to its Indian business. With operations stalled, those liabilities now stand on uncertain ground. Its $200–$250 million investment in ground handling and cargo infrastructure across India risks being written off or repurposed.
Çelebi has moved the Delhi High Court seeking relief. A hearing is slated for Monday, but with the government citing national security, the road ahead appears fraught. Even a court victory might not restore lost contracts or investor confidence.
Reportedly over 3,800 employees are affected, with airports pledging to absorb them through other service providers.
