BLS International shares fall after suspension of Indian Visa services in Canada - CNBC TV18 (2024)

Shares of BLS International fell over 3 percent on Thursday after the company issued an official statement to the exchanges that it has suspended Indian visa services in Canada till further notice.

It has attributed the suspension of services to "operational reasons."

However, the company has said that the suspension of services would have a negligible impact on financials. For financial year 2023, the Canadian visa issuance business contributed to less than 2 percent of the annual revenue.

At 11:40 a.m. on Thursday, September 21, BLS International had posted this message on its website: "Due to operational reasons, with effect from 21 September 2023, Indian visa services have been suspended till further notice." While no formal announcement had been made on the matter, an Indian official confirmed the suspension to Hindustan Times.

However, soon after, at 12:37 p.m., the ticker message was removed from their website and no longer visible.

BLS reinstated the message at 1:12 p.m. and blamed the back-and-forthon a "technical glitch."

The Ministry of External Affairs will hold its weekly press conference today (Thursday, September 21) at 4 p.m. The MEA told CNBC-TV18 that it will answer questions and issue clarification on the ongoing confusion about Indian visa services in Canada being suspended. To read more on the issue, checkhere.

Diplomatic relations between India and Canada have hit a new low this week over the killing of Khalistani terrorist Hardeep Singh Nijjar.

Shares of BLS International Services are trading 2.7 percent lower at Rs 262.75.