BLS International Shares Plunge Up to 18% After MEA Slaps 2-Year Tender Ban

Shares of

al Services Ltd nosedived as much as 18% in early trade on Monday, marking a fresh 52-week low and extending losses for the fourth straight session. The sharp decline followed an order from the Ministry of External Affairs (MEA) barring the company from participating in ministry and overseas Indian Mission tenders for two years. The stock hit a record low of Rs 276.95 per share before recovering slightly to trade 12.4% lower at Rs 295 apiece by 10:08 am, making it the top loser on the Nifty 500 index. In a post-market exchange filing on October 11 (Saturday), BLS International disclosed the MEA's directive. The company emphasized that the ban would not impact ongoing contracts, which remain valid and operational. "All existing contracts with Indian Missions across the globe remain valid and continue to operate as scheduled. Additionally, the order will not have any significant bearing on the company's financial outlook," it stated, aiming to reassure investors amid the turmoil.