Mumbai, Oct 13
Shares of BLS International Services plunged sharply on Monday after the Government barred the company from participating in future tenders of the Ministry of External Affairs (MEA) and Indian Missions abroad for the next two years.
The stock crashed as much as 17.85 per cent to hit a 52-week low of Rs 277 apiece on the Bombay Stock Exchange (BSE).
The MEA had issued the directive on October 9, restricting BLS International from bidding for new tenders.
However, the company clarified that the order will not affect its ongoing contracts or financial performance.
“This development does not impact the company’s current financials or ongoing operations. All existing contracts with Indian Missions across the globe remain valid and continue to operate as scheduled,” BLS International said in a regulatory filing.
“Additionally, the order will not have any significant bearing on the company’s financial outlook,” the firm added.