Celebi drops after India revokes units' security clearance

Celebi Hava Servisi AS

16/05/2025 09:16

** Shares in Celebi Hava Servisi CLEBI.IS drop around 10% after India has revoked the security clearance of its Indian unit, Celebi Airport Services India, citing national security concerns

** Celebi Aviation Holding, the parent of Celebi Airport Services, whose website says it operates ground handling services at nine airports in India, was not immediately available for a comment

** Celebi said as well that India has
terminated agreements
 with its other units in the country

** Celebi has denied security breaches in India operations and said it intended to challenge the termination of agreements in India

** Brokerage Aktif Portfoy's Deputy Research Manager Ahmet Deniz Yagbasan notes the Indian units generated around 35% of the company's operating revenue

** "The suspension is expected to negatively affect the company's overall performance," Yagbasan says

** The stock dips to its lowest level in two months and is at the bottom of Turkey's main BIST-100 index .XU100

 (Reporting by Arda Dipova, Canan Sevgili)

 ((Arda.dipova@thomsonreuters.com))