BLS International Services share price crashed over 12% on Monday following reports that Spain's National Court has expanded its investigation into an alleged visa fraud network at the Spanish Consulate in Algiers to include the Indian company.
According to Spanish media reports, the investigation, led by a court-appointed judge, specifically names visa processing platforms such as BLS International. The reports allege that bribes paid in connection with visa processing sometimes reached as much as €25,000 per family. The figure had previously been disclosed by police sources following a series of arrests in April.
However, BLS International categorically rejected the allegations of involvement in visa irregularities referred to in media reports.
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“There is no evidence establishing any wrongdoing by BLS International or its employees in relation to the issuance of visas. BLS International's role is strictly administrative and is carried out in accordance with the requirements prescribed by the competent authorities,” BLS International Services said in a regulatory filing.
It added that all decisions relating to the processing and issuance or refusal of visas rest solely with the relevant diplomatic and consular authorities.
How BLS International Stock Reacted?
The allegations in the media report sent BLS International share price sliding on Monday, August 24. The stock opened flat at Rs 271.20 apiece and touched an intraday high of Rs 280 on the BSE.
However, during the session, BLS International stock price declined as much as 12.73% to Rs 236.85 apiece on the BSE.
At 2:00 PM, BLS International share price was trading 11.46% lower at Rs 240.30 apiece on the BSE.
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