Political Stance of Turkey Ignites Economic Fallout in India
India has shown discontent with Turkey after it sided with Pakistan during the time of India's 'Operation Sindoor', a counter-terror operation. In response, there has been rising trend of a 'Boycott Turkey' movement on social media.
Retail Websites Ajio and Myntra Revert to Public Sentiment
Leading Indian online retailers Ajio and Myntra removed Turkish brands from their websites. They have withdrawn or stopped listing or selling products, especially apparel, linked to Turkish companies. The move follows the mounting public discontent and diplomatic pressure.
Brands Withdrawn and Offices Closed
Turkish brands Kotan, LC Waikiki, and Mavi, which were once on Reliance's e-platform Ajio, are now no longer listed, the Reliance sources stated. Reliance has even shut its Turkish office due to diplomatic problems that still brew.
Trade Bodies and Companies Sever Relations
Confederation of All India Traders (CAIT) asserted that it was suspending trade ties with Turkey and Azerbaijan. The majority of Indian importers, exporters, and trade bodies have also announced that they would not trade with these two countries anymore.
Government Action and Economic Impact
The Indian government revoked the security clearance given to Celebi Aviation, a Turkish airport services provider based in India. Ever since, the share price of Celebi has been dwindling steadily in the Istanbul stock market.
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