Turkey's Celebi share price crashes 10% for 2nd day in a row. Here's why

Turkish airport services firm Çelebi's share price crashed by 10 per cent for the second consecutive session on May 16 after the Bureau of Civil Aviation Security revoked the security clearance for its subsidiary company, Celebi Airport Services India Pvt Ltd, days after Turkey came out in support of Pakistan after Operation Sindoor.

In an order on 15 May, the aviation watchdog said it was revoking the security clearance for “national interests”.

“... the security clearance in r/o Celebi Airport Services India Pvt Ltd is hereby revoked with immediate effect in the interest of national security,” BCAS said in the order.

Çelebi is a major Turkish company operating in the aviation industry. Its subsidiaries Celebi Airport Services India Pvt. Ltd. manage ground handling operations and Çelebi Delhi Cargo Terminal Management India handles cargo services at Delhi International Airport. Celebi started operations in India in 2008, starting with Mumbai, followed by Delhi in 2009.

On May 15, Celebi Hava Servisi AS share price crashed 10 per cent. The stock has been falling since May 13. Key Turkish stock index, BIST 100, rose about half a per cent on May 16 after falling 1.65 per cent in the previous session.

Boycott Turkey call gets louder in India

The "boycott Turkey" call is getting louder in India after Turkey's open support for Pakistan and reports of Turkish drones used by Pakistan against India.

As Mint reported earlier, while the boycott calls may be new, Turkey has a history of supporting Pakistan, and this is often cited as a reason for the airline not being able to add flights to India, as the bilateral air services agreement has not been revised for a while.

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