BLS International Slumps 13% Amid Spain Visa Investigation
BLS International's shares plummeted by as much as 13.94% on Monday after news broke of an investigation into alleged irregularities at the Spanish Consulate in Algiers, which is reportedly linked to visa processing.
The decline was triggered by reports that Spain's National Court had widened its investigation into a network allegedly helping applicants obtain Schengen visas and other permits through improper channels. Families were said to have been asked up to €25,000 for securing visas.
BLS International quickly rejected the allegations, stating there was no evidence of wrongdoing by the company or its employees in connection with visa issuance. The company clarified that it only handles administrative services according to established rules set by relevant authorities and does not make decisions on visa approval or rejection.
The clarification did little to alleviate investor concerns as the stock continued to fall, closing at ₹242.17 on the NSE, down 10.73% from its previous close of ₹271.29.