Protean eGov Faces 20% Share Slump Post PAN 2.0 Bid Setback

Shares of Protean eGov Technologies saw a dramatic fall of 20% on Monday, hitting the lower circuit limit after the firm's bid was rejected for the PAN 2.0 project.

The stock dropped to Rs 1,143.05 on the BSE, reaching the day's lower circuit, while on the NSE it decreased by 19.99% to Rs 1,143.20. During the trading session, 3.57 lakh shares were exchanged on the BSE and 13.99 lakh on the NSE.

According to a recent filing, Protean eGov did not qualify for the selection phase of the PAN 2.0 project under the Income Tax Department, which aims at a technology overhaul. Despite the miss, the company expects minimal impact on their ongoing PAN services under existing arrangements with the ITD.

(With inputs from agencies.)