Protean eGov Shares Crash 30% in Two Days After PAN 2.0 Setback

Market Performance

Protean eGov shares witnessed a sharp sell-off, plunging nearly 30% in two sessions following a significant project development.

• On May 20, the stock declined by 9.5%, trading at ₹1,034 on the NSE by 10:20 AM.
• The previous session on May 19 saw the shares hit the lower circuit limit, falling 20% to close at ₹1,143.05 on the BSE.
• At the NSE, shares dropped 19.99%, touching the lower circuit of ₹1,143.20.

Main News: PAN 2.0 Project Misses the Mark

The sudden decline in Protean eGov shares follows the company's failure to advance in the bidding process for the PAN 2.0 project issued by the Income Tax Department (ITD).

In a recent exchange filing, Protean eGov Technologies confirmed:

• It participated in the Request for Proposal (RFP) process for the Managed Service Provider (MSP) role.
• However, the company was not shortlisted for the following selection round as per company filling.

According to Protean eGov, the PAN 2.0 project involves:

• Design
• Development
• Implementation
• Operations
• Maintenance of the PAN infrastructure system under ITD.

Despite this development, the company emphasized that the ongoing PAN issuance and processing services under their current mandate remain unaffected.

Company Details

Protean eGov Technologies is a prominent IT services and e-governance player.

The Company offers a variety of services, including:

• Citizen-centric digital services
• System integration
• Business process re-engineering
• IT consulting
• Data centre co-location

It primarily caters to:

• Citizens
• Corporates
• Government agencies

Management has reiterated that the PAN 2.0 setback does not impact the company's core operations or current engagement with the tax department.

Summary

• Protean eGov shares have nosedived by nearly 30% over two sessions.
• The drop came after the company was excluded from the following selection round for the PAN 2.0 project.
• Management assures that this project is a tech revamp initiative and does not influence the company's current role in PAN processing.
• The company continues to deliver mission-critical digital and governance services across various sectors.

Stay tuned for further updates on Protean eGov shares and their market trajectory.