Turkey-based Celebi Hava Servisi AS (CLEBI) share price crashed by 10% in Istanbul after its President Recep Tayyip Erdogan, announced support to Pakistan, in the wake of geopolitical tensions with India. Since then, 'Boycott Turkey' and 'Boycott Azerbaijan' have been trending by netizens. Indian aviation authorities have cancelled the partnership with Celebi Airport Services.
Celebi Stock Price:
At the time of writing, Celebi shares traded at 2,002 in Turkish Lira, down by 9.98% in Istanbul. This is the fourth consecutive decline in Celebi.
The stock plunged by 6.7% on May 13, by 2.3% on May 14, and even dipped by 10% on May 15.
From May 12, when the stock was at 2,712.50 Lira, Celebi shares have nosedived by 26%.
Due to national security concerns, the Bureau of Civil Aviation Security (BCAS) has revoked the security clearance of Celebi and its associated companies on these grounds.
Union Minister of Civil Aviation, Govt of India, Ram Mohan Naidu said, "Nothing is above the security of our nation and our fellow citizens. National interest and public safety are paramount and non-negotiable."
Celebi Statement On India:
In a statement, Celebi said, "Çelebi Aviation India unequivocally refutes all misleading, and factually incorrect allegations circulating on social media regarding the company's ownership and operations in India. We would like to place on record the facts surrounding our ownership structure and long-standing presence in the country."
Further, its statement added, that Çelebi Aviation India is a professionally governed, globally operated aviation services company. Today, it is majority-owned (65%) by international institutional investors from across Canada, the United States, the United Kingdom, Singapore, the United Arab Emirates, and Western Europe. Actera Partners II L.P., a Jersey-registered fund holds 50% ownership in Çelebi Havacılık Holding A.Ş. The remaining 15% is held by Alpha Airport Services BV, a Dutch-registered entity.
"Çelebi Aviation is a global company with a legacy of over 65 years in aviation services, delivering ground handling and cargo operations across three continents and six countries. As we continue to expand in emerging aviation markets, our mission remains consistent; to contribute meaningfully to the aviation sector, national economies, and the local workforce in every country we operate in. These principles are at the heart of our operations worldwide, including India," it said.
Also, the aviation services provider stated that Celebi has operated for over 15 years in India, and directly employs about 10,000 Indians, while it contributed over $220 million in infrastructure investment for the long run.
According to Celebi's website, it has provided services in 58,000 flights in India, and handled about 540,000 tons of cargo, with employment of 7,800 people.
Çelebi's presence in India grew exponentially with three different entities. Çelebi's first step into India started with a joint venture with a mandate to provide comprehensive and world-class services at Mumbai International Airport. Within a year, Çelebi was registered in India to provide ground handling as Çelebi Airport Services India and cargo services as Çelebi Delhi Cargo Terminal Management India at Delhi International Airport. Within the last 10 years, these two stations have grown to become a total of nine stations in India consisting of Mumbai, Delhi, Cochin, Kannur, Bangalore, Hyderabad, Goa(GOX) and Ahmedabad & Chennai, as per the website.
The services that Çelebi provides within the framework of the Ground Handling Services Regulations consist of --- Passenger Services; Load Control and Flight Operation; Ramp Services; General Aviation Services; Cargo and Postal Services; Warehouse Services; and Bridge Operation.
Boycott Turkey, Boycott Azerbaijan:
Indian netizens were enraged after Erdogan announced strong support for Pakistan and called Prime Minister Shehbaz Sharif as his dear brother.
Through his X handler, Sharif thanked Erdogan for his strong expression of support and unwavering solidarity with Pakistan.
"Pakistan is proud of its long-standing, time-tested, and abiding fraternal ties with Turkiye that have grown stronger with each new challenge. I am particularly grateful for His Excellency's constructive role and concerted efforts in promoting peace in South Asia," said Sharif.
Sharif also spoke about President Ilham Aliyev of Azerbaijan. He said, "The overwhelming support of the people and leadership of Azerbaijan has demonstrated to the world that Pakistan and Azerbaijan are true brothers. We also discussed ways to deepen our bilateral partnership through enhanced Azerbaijani investment in Pakistan and reiterated my invitation to the president to visit Islamabad at his earliest convenience."
Netizens took to their X handler and voiced their commitment to boycotting both Turkey and Azerbaijan.
A user named Secular Chad said, "My Fellow Indians, Visit Greece instead of Turkey and Visit Armenia instead of Azerbaijan" Adding, "Let not step into the countries which are against India. In fact help their rivals. Lets give them a message."
Another user, Vikram Pratap Singh said, "Visa lined for Türkiye are deserted," adding, "Well Done India."
While a user pointed out that Turkey does't remember India's humanitarian aid during the earthquakes. The user added, "but remembers sitting in Pakistan's lap." According, the user said, "Turkey's intentions also turned out to be the same as Pakistan's, is it still necessary for us Indians to visit Turkey."
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