An intrinsic absorptive optical bistability is observed in the transmission of high intensity, nanosecond laser pulses through thin CdS platelets at liquid helium temperature. The bistability is due to a renormalization of the band gap which is caused by the formation of an electron hole plasma and occurs in a broad spectral range below the excitonic resonances. The switching times are in the subnanosecond range. The dependence on photon energy is investigated and discussed.