THE stock of Turkish ground-handling firm Celebi Airport Services tanked 10 per cent on Friday after India revoked the security clearance of the company amid calls to ban Turkish businesses, in the wake of their country supporting Pakistan which harbours terrorism. The stock fell 222 points, or 10 per cent, to trade at 2,002 in Istanbul on Friday, extending its losses to nearly 30 per cent in four sessions. The stock was under pressure in the past few days amid clamour for action against the Turkish firm. Meanwhile, Celebi Airport Services India Pvt Ltd has filed a plea in the Delhi High Court against the Indian government's decision to revoke its security clearance, citing national security concerns.

 

The company, which provides airport ground handling services across India, argued that the move will jeopardise thousands of jobs and threatens investor confidence. In a notification, the Ministry of Civil Aviation said on Thursday that “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.” “Recognising the seriousness of the issue and the callto protect national interests, we have taken cognisance of these requests and Ministry of Civil Aviation has revoked security clearance of the said company. Ensuring safety and interests of the nation remains our top priority,” said MoS for Civil Aviation Murlidhar Mohol.

 

 

TRADERS’ lobby Confederation of All India Traders (CAIT) on Friday decided to boycott all trade and commercial engagement with Turkey and Azerbaijan, citing their recent “support” for Pakistan in the wake of Operation Sindoor. According to CAIT, the decision includes a nationwide boycott of Turkish and Azerbaijani goods, with traders across India halting imports from these countries. The association also stated that Indian exporters, importers, and business delegations will be discouraged from any engagement with companies or institutions based in Turkey and Azerbaijan. The traders’ lobby shared that a memorandum will be submitted to the Ministry of Commerce and Industry and the Ministry of External Affairs, urging policy-level review of all commercial ties with these nations. The CAIT has also declared that the business community will boycott Indian films shot in Turkey and Azerbaijan. It also warned corporate houses against filming any product promotions in these two countries. The decisions were taken at a National Conference of Trade Leaders convened by CAIT here, where representatives from around 24 States participated.