Turkish Firm Celebi’s Stock Tanks 10% After India Revokes Security Clearance

India revoked the security clearance of Celebi Airport Services, triggering a 10 per cent drop in the Turkish firm’s stock on Friday. The move came after calls to ban Turkish businesses over their country’s support for Pakistan, which harbours terrorism.

Consequently, Celebi’s stock fell 222 points to 2,002 in Istanbul. It has now lost nearly 30 per cent over four sessions. The stock had remained under pressure due to rising protests against the firm.

On Thursday, the Ministry of Civil Aviation said in a notice, “In the exercise of power conferred upon DG, BCAS, the security clearance in Celebi Airport Services India Pvt Ltd is hereby revoked with immediate effect in the interest of National Security.”

Following this, Minister of State for Civil Aviation and Cooperation, Murlidhar Mohol, said the ministry acted to protect national interests. “We have acted on these requests. The nation’s safety is our top priority,” he stated.

As a result, Delhi International Airport Limited (DIAL) ended its contract with Celebi for ground handling and cargo at IGI Airport. This move came in compliance with the Bureau of Civil Aviation Security (BCAS) directive.

Furthermore, Adani Airport Holdings cancelled its agreement with Celebi at Mumbai and Ahmedabad airports with immediate effect.

Kempegowda International Airport in Bengaluru suspended Celebi’s operations under central government orders.

Since its entry in 2008, Celebi has expanded its footprint in India’s aviation sector. Notably, reports say the firm is partly owned by Sumeyye Erdogan, daughter of Turkish President Tayyip Erdogan. She is married to Selcuk Bayraktar, who makes Bayraktar drones used by Pakistan against India.

Also Read: Delhi CM Rekha Gupta Supports Boycott Of Turkish, Azerbaijani Products; Promises Market Overhaul