Shares of BLS International Services Ltd tanked as much as 17% on Friday, October 13, before settling 15.32% lower at Rs 285.50 after the Ministry of External Affairs (MEA) restricted the company from participating in new Indian Mission tenders for the next two years.
The MEA issued the debarment order following multiple complaints and court cases from passport applicants. In a clarification, BLS International stated that its existing operations and contracts with the MEA remain unaffected, ensuring no immediate impact on its current financial performance.
The company said it would assess the debarment order and explore legal options to address the issue.
During the first quarter of FY26, Indian Missions contributed about 12% to BLS International’s consolidated revenue and 8% to its EBITDA, indicating a moderate exposure to this segment.
Headquartered in New Delhi, BLS International provides outsourced visa, passport, and consular services to governments and embassies worldwide.
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