Turkish stocks tumbled after a court said the appointment of the Istanbul head of the main opposition party was invalid, a potentially landmark ruling that could hobble challengers to President Recep Tayyip Erdoğan.
The benchmark BIST 100 index market dropped almost 6 per cent following the court decision.
The Istanbul court ruled that voting in the 2023 Istanbul provincial congress of the Republican People’s party (CHP) was influenced by cash payments, and, therefore, the leadership elected at the congress — including provincial chief Özgür Çelik — should be removed.
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