(Reuters) -Shares of India’s BLS International Services slid as much as 18% on Monday and were set for their worst day since March 2020, after the digital visa and passport services provider was barred from bidding for government tenders for two years.
The stock was last down about 13% at 294.3 rupees as of 11:44 a.m. IST, making it the top percentage loser on the 100-member Nifty small-cap index, which was down 0.5%.
The Ministry of External Affairs banned the company from participating in tenders floated by it and Indian Missions, which represents India’s diplomatic and consular offices abroad, BLS said on Friday.
The order from the ministry cites court cases and complaints from applicants, the company said, without providing further details.
BLS competes with bigger visa processing peers VFS Global and TeamLease Services and Quess Corp in the broader digital business services space.
The immigration consulting services market in India is expected to grow at a compound annual growth rate of 7%-10% from 2025 to 2029 as demand for international education and residency remains high, according to research group Technavio.
Indian Missions made up 12% of BLS International’s consolidated revenue in the first quarter of fiscal year 2026.
BLS said that its existing contracts with Indian Missions will continue to operate and the order does not impact its financials and operations.
The stock has dropped about 39% so far this year, while the small-cap index has declined nearly 4%.
(Reporting by Manvi Pant; Editing by Sonia Cheema)
