BLS International shares fell over 9% to hit their intraday low of ₹245.65 after media reports of a probe by the Spanish National Court into the company's alleged links to a visa fraud network at the Spanish consulate in Algiers. According to The Economic Times, the stock was up over 1% before the news broke, highlighting the sharp reversal in investor sentiment. The shares had opened flat and touched an intraday high before the decline. Over 8 million shares changed hands on the NSE, which is around five times the average daily trade volume over the past three months, indicating heightened investor activity. The stock was trading at ₹247.91 at 1225 IST, down nearly 9% from previous levels.
The investigation has been expanded to include BLS International specifically, with Spanish media reports indicating that the Spanish National Court has expanded its investigation into an alleged visa fraud network at the Spanish Consulate in Algiers to include the Indian company. As reported by The Economic Times, citing Spanish news outlet The Objective, the probe was expanded to study the role of companies handling visa appointments and document processing which are contracted by Spain's Foreign Ministry. The investigation came after "official communications" from the Spanish Embassy in Algia alerted authorities to a network allegedly "profiting through the fraudulent issuance of Schengen visas." The Spanish court specified that "processing platforms like BLS" fell into the purview of its investigation into collaborating companies. In 2016, BLS International was awarded a contract by the Spanish Foreign Ministry to manage visa appointments and process documents at certain consulates, taking over work previously handled by VFS Global.
According to reports from The Economic Times, BLS International released a statement categorically rejecting any involvement in alleged irregularities. The company stated there is no evidence establishing any wrongdoing by BLS International or its employees in relation to visa issuance. BLS International emphasized that its role is strictly administrative and carried out in accordance with requirements prescribed by competent authorities, with all visa processing decisions resting solely with relevant diplomatic and consular authorities. The company remains committed to the highest standards of integrity, transparency, compliance and service delivery as a trusted service partner to governments and citizens worldwide.
Despite the market decline, BLS International delivered strong financial results for Q1FY27, with the Visa & Consular Services business delivering 21.6% revenue growth and 21.5% increase in EBITDA in the June 2026 quarter. The Digital Services business recorded 32.2% revenue growth and 45.5% increase in EBITDA during the quarter. The company had reported 11.15% rise in consolidated net profit to ₹190.07 crore on a 25.33% increase in revenue to ₹890.53 crore in Q1 FY27 compared with Q1 FY26. The company operates in the visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa, and retail services domain since 2005, working with over 46 client governments including diplomatic missions, embassies, and consulates.
As reported by The Economic Times, BLS International was the underperformer among the Nifty 500 constituents, down nearly 11% during the trading session. The stock has declined over 14% in the past six months and about 24% so far in 2026. However, the stock has rallied 18% in the past month till Friday, August 21, 2026, showing some recovery despite the current allegations. The current price represents a significant decline from the company's 52-week high, highlighting the substantial impact of the visa fraud allegations on investor sentiment and market confidence in the Indian visa services company. While the stock hit a 52-week high of ₹392.85 per unit on August 26, 2025, it touched a year's low of ₹218.90 apiece on March 23, 2026. BLS International has a total market capitalisation of ₹9,951.78 crore as of August 24, 2026, according to data on the NSE.
