Çelebi shares tumble 5% after Delhi HC dismisses plea against security clearance revocation

Shares of Turkey-based ground handling firm Çelebi Hava Servisi AS slid sharply on Monday after the Delhi High Court dismissed the company's petitions challenging the revocation of its security clearance in India. The stock was last seen trading 4.61 per cent lower at 1,695 Turkish lira.

Justice Sachin Datta dismissed the petitions filed by Celebi Airport Services India Pvt Ltd and Celebi Delhi Cargo Terminal Management India Pvt Ltd, which manage ground handling and cargo operations at several Indian airports. The verdict had been reserved on May 23.

The Bureau of Civil Aviation Security (BCAS) had revoked Çelebi's clearance on May 15, shortly after Turkey publicly supported Pakistan during Operation Sindoor and condemned India’s military action on terror camps across the border.

The BCAS order read, "... the security clearance in respect of Çelebi Airport Services India Pvt Ltd is hereby revoked with immediate effect in the interest of national security."

Çelebi, listed on the Instanbul Stock Exchange, has been active in India's aviation sector for over 15 years, employing more than 10,000 people across nine airports. The company services approximately 58,000 flights and handles 5.4 lakh tonnes of cargo annually.