Celebi shares crash 10% after India revokes security clearance for Turkey’s Celebi Airport Services ‘in interest of national security’ – Times of India-OxBig News Network

Celebi share price crash after India ban: Celebi Hava Servisi AS shares plunged in trade on Thursday with a significant 10% decline on the Istanbul Stock Exchange following the Indian authorities’ withdrawal of security clearance for its Turkey firm’s Indian unit, Celebi Airport Services India. The decision was announced by India’s Bureau of Civil Aviation Security (BCAS) the previous day, with immediate implementation, based on national security considerations.The immediate implementation of the BCAS directive signals PM Narendra Modi‘s stance that countries supporting Pakistan will face economic consequences. The decision follows Pakistan’s use of Turkish-manufactured drones to target Indian cities during Operation Sindoor.The company’s shares dropped by 222 points (10%) to TRY 2,002 on May 16, continuing a substantial downward trend that saw nearly 22.5% reduction in value across the previous five trading sessions, whilst facing increasing pressure within India to cease its operations.The Narendra Modi government, withdrew security authorisation for Turkish ground service provider Celebi “and its associated companies” on Thursday, citing “interest of national security”. This decision affects ground handling operations at passenger and cargo terminals across nine airports including Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, Ahmedabad, Goa, Cochin and Kannur, where Celebi Airport Services India Pvt Ltd (CASIPL) and two other Celebi firms operate.Union aviation minister Ram Mohan Naidu stated: “Bureau of Civil Aviation Security (BCAS) has revoked the security clearance of Celebi and its associated companies on grounds related to national security. Nothing is above the security of our nation and our fellow citizens. National interest and public safety are paramount and non-negotiable. Efforts being made to ensure that employees working with Celebi are retained and continue to contribute and to ensure seamless handling of passengers and cargo at all affected Airports.“