Shares of BLS International, the agency hired by India to carry out initial scrutiny of visa applications of Canadians, fell over 2 per cent on Thursday amid concerns over suspension of India visa services in Canada.
The stock declined 2.15 per cent to Rs 263.65 on the BSE. During the day, it fell 3.41 per cent to Rs 260.25.
On the NSE, it dropped 2.42 per cent to Rs 263.40 apiece.
The company's market valuation fell by Rs 213.99 crore to Rs 10,855.55 crore.
In a series of flip-flops, a private agency hired by India to carry out initial scrutiny of visa applications of Canadians on Thursday put out a note on its website on suspension of visa services due to "operational reasons", withdrew it within hours and then again put it back online.
The agency, BLS International, also informed the stock exchanges that it had suspended India visa services in Canada with immediate effect.
The note put on the Canada page of the firm's website, which was withdrawn and restored later, read, "Important notice from Indian mission. Due to operational reasons, with effect from September 21, 2023, Indian visa services have been suspended till further notice. Please keep checking the BLS website for further updates."
BLS International Services Limited, a listed company, also said in its stock exchange filing that the impact of this move is negligible on its financials as "the Canadian visa issuance business contributes less than two per cent to BLS International's total annual revenue".
India and Canada are embroiled in a diplomatic row over the killing of a Khalistani separatist leader.
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