A strict decision of Modi government has pulled the rug from under the feet of a big aviation company of Turkey. The government has cancelled the security clearance of Turkey's company Celebi airport services india, which provides ground handling services in india, with immediate effect in view of national security. After this step, the company's shares in Istanbul Stock Exchange saw a decline of 10 percent.
Why was the action taken?
This decision came at a time when turkey supported pakistan and criticized the anti-terror strikes carried out by india in pakistan Occupied kashmir (POK) under Operation Sindoor. Not only this, Turkey's drones were also used in the military confrontation between pakistan and India. All these incidents alerted the indian government. Demands for action against Celebi started rising from across the country and finally the government took a big step.
15 year old relationship ends
Celebi was providing services at 9 major airports in india for the last 15 years, including delhi, Mumbai, Bengaluru, Hyderabad, Chennai, Kochi, Ahmedabad, Kannur and Goa. But now this relationship is over. BCAS has banned the company's activities by cancelling the security clearance given in november 2022.
Following the order of BCAS, delhi International airport Limited (DIAL) has also ended all its ties with Celebi. Now the responsibility of ground handling and cargo services at the airport has been handed over to companies like AISATS and Bird Group so that passengers do not face any inconvenience.
Huge fall in stock market
This action of india had a direct impact on the Istanbul stock market. Shares of Celebi Hava Servisi AS fell 222 points (10 percent) to 2002 on May 16. In the last four trading sessions, the company's shares have fallen by about 30 percent. This stock, which once touched a high of 3285, has now reached a low of 1660..jpg)
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