BLS International shares drop 7% after 3.4 percent stake changes hand

Shares of BLS International plunged around 7 percent in the early trade on May 18 after around 1.41 crore shares, which account for a 3.4 percent stake, of the company exchanged hands. The buyer and seller could not be immediately identified by Moneycontrol.

The large deal took place at an average of Rs 177 a share, taking the deal value to Rs 253.30 crore.

The deal also drove volumes in the counter as two crore shares has changed hands in the morning against the one-month daily traded average of 36 lakh shares.

At 10.20 am, BLS International was trading at Rs 179.50 on the National Stock Exchange, a decline of 4.45 percent from the previous close.

BLS International Services is a visa services provider and the only listed company in that space. The company posted a strong set of quarterly earnings on May 11.

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In the fourth quarter, the company recorded its highest ever operational revenue of Rs 448.6 crore, reflecting a growth of 76.7 percent on year. Net profit for the period also surged 118 percent year-on-year to Rs 76.7 crore.

Along with a strong topline and bottomline, the EBIDTA margin also expanded 103 basis points on year to 14.83 percent in January-March. One basis point in one hundredth of a percentage point.

The stock has also been a multibagger in the recent times, flushing out returns of 2,509.01 percent for the past three years.

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