Shares of BLS International Services, a key player in global outsourcing for government missions, have experienced a 13% drop over the past six trading sessions. This fall comes amid a diplomatic dispute between India and Canada, which has led to the suspension of Indian visa services in Canada.
The disagreement has arisen due to allegations made by Canadian Prime Minister Justin Trudeau about the involvement of Indian agents in the assassination of Hardeep Singh Nijjar. Despite this development, BLS maintains that the situation will have minimal financial impact on its operations. The company asserts that the Canadian visa issuance business accounts for less than 2% of its annual revenue.
Prior to this downturn, BLS had demonstrated robust performance with multi-bagger returns. The firm saw a significant increase of 280% over two years and an impressive 1000% surge over three years.
On Tuesday, the Relative Strength Index (RSI) for BLS stock stood at 35.7. The stock was trading 3.7% lower at INR 241 on the Bombay Stock Exchange (BSE).
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