Newsletters
Istanbul stocks sharply retreated on Tuesday after the Istanbul Chief Public Prosecutor’s Office issued an indictment against former Istanbul Mayor Ekrem Imamoglu, seeking up to 2,352 years in prison in a sweeping corruption probe.
The benchmark BIST 100 index fell as much as 3.57% to an intraday low of 10,400 points before trimming losses to around 2%, rebounding to the 10,500 level. Earlier in the day, the index had opened 0.20% higher at 10,810.62 points and finished the first session up 0.14% at 10,804.15.
The abrupt sell-off triggered circuit breakers for 224 stocks after price drops exceeded 6%. The banking index also plunged 4.74% to 13,956.99 points during the same period.
After losses exceeded 2%, Borsa Istanbul announced that the "uptick rule" would be applied to short selling for the remainder of the session, allowing such orders only at prices higher than the last traded price.
Former Istanbul Mayor Ekrem Imamoglu, who was removed from office and arrested earlier this year, faces up to 2,352 years in prison in a sweeping corruption case involving alleged fraud, bribery, and organized crime, prosecutors announced Tuesday.
The Istanbul Chief Public Prosecutor’s Office said the indictment, prepared by the Organized Crime Investigation Bureau, accuses Imamoglu of leading a so-called "Imamoglu criminal organization."
A leading opposition figure from the Republican People’s Party (CHP) and widely seen as President Recep Tayyip Erdogan’s main political rival, Imamoglu was jailed in March along with 105 others. Prosecutors said the 3,900-page indictment details 143 separate criminal acts involving 402 suspects, focusing on allegations of rigged municipal tenders and illegal property acquisitions during his tenure as mayor.
Prosecutors claim the crimes caused a financial loss of ₺160 billion ($3.79 billion) and $24 million over the past decade, linking 95 immovable properties to the case.
Following reports suggesting that the indictment sought the closure of the main opposition Republican People’s Party, the Istanbul Chief Public Prosecutor’s Office issued a statement denying the claims. It clarified that the submission to the Court of Cassation was only informational and not a formal request to dissolve the party.
After the clarification, market losses eased to around 1.5%, with the BIST 100 rebounding to approximately 10,600 points.
1 min read
3 min read
