BLS International shares came under sharp selling pressure on Monday after reports linked the visa-processing company to an investigation being conducted by Spain’s National Court into alleged irregularities at the Spanish Consulate in Algiers.
The stock fell as much as 13.94% on the National Stock Exchange, touching an intraday low of ₹233.47. It had opened at ₹272 and briefly moved up to ₹280.14 before the sell-off intensified.
BLS International closed at ₹242.17 on the NSE, down 10.73% from its previous close of ₹271.29. The decline marked the stock’s biggest single-session fall of 2026.
The shares also dropped to ₹236.85 on the BSE during intraday trading, bringing them close to their 52-week low of ₹218.45 recorded in March.
Trading volumes surged as the allegations and the company’s subsequent clarification drew investor attention. By 1:38 pm, around 20.92 million shares had changed hands across the NSE and BSE. The volume represented approximately 5% of the company’s total equity.
Full-session volume on the NSE reached nearly 29.7 million shares, indicating that the fall was accompanied by unusually heavy activity rather than limited trading.
Company Rejects Allegations
The decline followed reports that Spain’s National Court had widened a visa investigation connected to the Spanish Consulate in Algiers.
The investigation reportedly concerns an alleged network that helped applicants obtain Schengen visas and other permits through improper channels. Reports alleged that some families were asked to pay as much as €25,000 to secure visas.
These allegations have not been proven against BLS International.
The company issued a clarification to the stock exchanges rejecting any involvement in the reported irregularities. It said there was no evidence establishing wrongdoing by BLS International or any of its employees in connection with the issuance of visas.
BLS also said its responsibility is limited to administrative services conducted according to rules set by the relevant authorities.
The company handles functions such as appointment scheduling, document collection and application-related administrative work. Decisions to approve, reject or process a visa remain with the diplomatic or consular authority responsible for the application.
BLS said it remains committed to compliance, transparency and service standards across its operations.
The clarification did not immediately reverse the market reaction. While the stock recovered from its intraday low, it still closed more than 10% lower.
Stock Gives Up Recent Gains
Monday’s decline erased a large part of the stock’s recent recovery.
BLS International shares had gained around 18% during the month through Friday, August 21. The rally had taken the stock above ₹270 before the latest news triggered a reversal.
At Monday’s low of ₹233.47 on the NSE, the shares were approximately 40.6% below their 52-week high of ₹392.85. The stock remained about 6.7% above its 52-week low of ₹218.90.
The company’s market capitalisation fell to around ₹10,000 crore following the decline.
The sharp move also came during a weaker session for the broader market, although the fall in BLS International was considerably steeper. The Sensex ended 171.72 points, or 0.22%, lower at 77,369.11, while the Nifty 50 slipped 32.95 points to 24,219.05.
BLS was among the biggest individual stock losers of the session.
Q1 Revenue Had Risen 25%
The market reaction came shortly after BLS International reported growth across its major financial indicators for the June quarter.
The company recorded consolidated revenue of ₹891 crore in the first quarter of FY27, an increase of 25.3% from ₹711 crore in the corresponding period last year.
Earnings before interest, tax, depreciation and amortisation rose 23.6% to ₹252 crore. Profit after tax increased 11.4% to approximately ₹202 crore from ₹181 crore a year earlier.
The Visa and Consular Services division reported revenue growth of 21.6% and an EBITDA increase of 21.5%. The segment remains an important contributor to the company’s earnings.
Its Digital Services division grew faster during the quarter. Revenue from the business rose 32.2%, while EBITDA increased 45.5%.
BLS attributed the quarterly performance to operating leverage, a favourable business mix, process efficiencies and its presence across multiple countries. The company said its geographical diversification helped offset disruptions affecting travel activity in some markets.
The latest investigation report has shifted market attention away from quarterly growth and towards the company’s regulatory and reputational exposure.
What Happens Next
The immediate focus will remain on developments connected to the proceedings in Spain and any additional disclosure issued by BLS International.
The company has denied wrongdoing, and no finding against BLS or its employees has been established. Further information will be needed to determine whether the investigation leads to formal allegations involving the company or remains centred on other individuals and organisations.
Investors will also track the company’s relationships with diplomatic missions and government clients. Visa and consular outsourcing contracts depend heavily on compliance, data handling, service quality and confidence from contracting authorities.
Any clarification from the Spanish authorities could influence the stock’s next move. In the absence of fresh information, trading may remain sensitive to reports surrounding the investigation.
