Turkish airport services company Celebi Hava Servisi saw a significant drop in market value—approximately $500 million—following the loss of a key ground handling contract in India. The contract, covering multiple Indian airports, was revoked by Adani Airport Holdings. This decision stems from concerns raised regarding Celebi’s historical ties to a Turkish firm allegedly linked to the Gülen movement, which the Turkish government accuses of orchestrating a 2016 coup attempt. Indian authorities reportedly acted on intelligence suggesting potential security risks. Celebi has denied any connection to the Gülen movement and expressed disappointment with the decision, asserting its commitment to compliance and transparency. The stock market reacted swiftly, with Celebi shares experiencing a substantial decline on the Istanbul Stock Exchange. The incident highlights the increasing scrutiny of foreign investments and potential geopolitical implications affecting business dealings.