BLS International Plunges 14.6% After MEA Order Bars It From Future Tenders

New Delhi, October 13, 2025 – The shares of BLS International Services Ltd (NSE: BLS | BSE: 540073) plummeted nearly 14.60% and reached a low of ₹287.95 after the company reported that it has been debarred by the Ministry of External Affairs (MEA) from participating in any new Indian mission tenders for a period of two years. At 001:15 AM, the stock consolidated a bit and reached ₹294.80 (still down by almost 12.55% from the previous day’s closing price). The Ministry’s debarring orders highlighted a wide range of causes for the action, including multiple court proceedings and several complaints from passport applicants against the company.

With today’s plunge, the stock reached its 52-week low (₹276.95).

Market Reaction

As of 11:15 a.m., the stock was trading sharply lower at ₹294.80, down 12.55% from the previous close of ₹337.15. It opened weak at ₹280.35 and touched an intraday high and low of ₹292.30 and ₹276.95, respectively. The VWAP stood at ₹284.08, indicating sustained selling pressure through the session. Trading volume was significant at 44.61 lakh shares, generating a turnover of ₹126.74 crore and reflecting heightened activity. The market capitalization stood at ₹11,866.37 crore, while the 52-week range remained wide between ₹ 276.95 and ₹ 521.80.

MEA Order and Company Clarification

According to the company’s exchange filing, the MEA order dated October 9, 2025, bars BLS International from participating in future tenders of the MEA and Indian Missions abroad for two years, citing allegations, including court cases and complaints from applicants. The company clarified that the order will not impact existing contracts, which remain operational under current terms, nor will it materially affect financial performance or ongoing operations.

Company Clarification

The company underlined that it is currently studying the order and will take up legal options once the assessment is completed. The voluntary clarification by the company described the matter as a simple procedural development within the visa outsourcing sector and expressed hopes to resolve it constructively. The company further clarified that Indian Missions contributed around 12% of total revenue and 8% of EBITDA (in Q1FY26), and hence, the exposure is limited with restricted consequences.

The company also underlined that it has recently diversified the portfolio and secured government contracts in major markets including the US, UAE, Spain, Hungary, Poland and Portugal. The company has also received UIDAI projects in India.

About the Company

Founded in 2005, BLS International Services Ltd. is a New Delhi–based global tech-enabled services partner for governments and citizens. The company provides visa, passport, consular, e-governance, attestation, biometric, and related citizen services.

REF:https://nsearchives.nseindia.com/corporate/BLS_11102025183025_Clarification.pdf

https://nsearchives.nseindia.com/corporate/BLS_11102025131404_Intimation_of_Order_of_MEA.pdf

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