Celebi Aviation Shares Plummet Following Security Clearance Revocation in India
Significant Drop in Celebi Aviation Shares
Shares of Celebi Aviation Holding, a ground handling firm based in Turkey, have seen a nearly 20% decline over the past two days. This downturn follows the revocation of its security clearance by the Directorate General of Civil Aviation Security (BCAS), which cited concerns related to national security.
Company's Response to Security Clearance Revocation
As reported by a leading news outlet, Celebi Aviation has announced plans to pursue both administrative and legal avenues to challenge the government's decision. The company acknowledged that approximately one-third of its total revenue last year was generated from its operations in India.
Impact on Stock Market
The repercussions of the BCAS's decision were immediately felt, with Celebi's shares dropping by 10% on the Istanbul Stock Exchange on May 15.
Government's Justification for Revocation
The Indian government has officially revoked the security clearance for Celebi NAS Airport Services, citing national security as the primary reason for this action.
Celebi's Operations in India
Celebi is responsible for approximately 70% of ground operations at Mumbai's Chhatrapati Shivaji Maharaj International Airport, which includes various services such as passenger handling, load control, cargo management, postal services, warehouse operations, and bridge management. The company also operates at several other airports throughout India.
Political Context of the Decision
This decision comes amid rising tensions, particularly after Turkey expressed support for Pakistan, which has drawn criticism from India.
Official Statement from BCAS
In an official communication, the Bureau of Civil Aviation Security stated: "The security clearance for Celebi Airport Services India Pvt. Ltd., categorized as a Ground Handling Agency, was initially granted by the DG, BCAS. However, this clearance is hereby revoked with immediate effect in the interest of National Security, as approved by the DG, BCAS."
Public Reaction
India revokes security clearance given to CELEBI, Turkish airport ground handling company, with immediate effect.
— Kanchan Gupta 🇮🇳 (@KanchanGupta) May 15, 2025
Order issued by Bureau of Civil Aviation Security (BCAS). pic.twitter.com/PHmVWIPLAp