BLS International Shares Plunge After 2-Year Government Tender Ban
BLS International Services Ltd. faced a brutal market reaction after India's Ministry of External Affairs barred the digital visa processor from government tenders for two years. Shares cratered 18% intraday—the steepest drop since March 2024—before paring losses to 13.2% at ₹292.5.
The prohibition stems from unspecified court cases and applicant complaints, though existing contracts with Indian Missions remain unaffected. These government contracts contributed 12% of Q1 FY2026 revenue for the company, which competes with VFS Global in India's booming immigration services sector.
Technavio projects 7-10% annual growth through 2029 for India's immigration consulting market, fueled by relentless demand for international education and residency pathways. The ban casts shadows over BLS's ability to capitalize on this expansion.
