Archive · 19 May 2025
Protean eGov Shares Plunge After PAN Project Update
Protean eGov Technologies' stock price dropped significantly after the company learned it wasn't chosen for the next phase of a government project related to PAN cards, which are like ID cards for taxes.
The company said this won't affect its current work on PAN cards much.
The stock hit the lowest possible price drop on the stock market after this announcement.
A bank called Standard Chartered previously sold its shares in the company.
The company provides IT services related to government projects.
The value of shares held by the bank was worth crores of rupees, indicating the significance of these financial changes.
Protean eGov Technologies shares fell 20% on May 19, 2025.
The drop followed the company's exclusion from the next round of the PAN 2.0 project.
The Income Tax Department issued an RFP for the PAN 2.0 project.
Standard Chartered Bank sold its entire 3.09% stake in August 2024.
The company stated the impact on existing PAN services would be minimal.
- Who
- Protean eGov Technologies and Income Tax Department
- What
- Protean eGov Technologies' shares fell after not being selected for the next round of the PAN 2.0 project.
- When
- May 19, 2025
- Where
- India
- Why
- The company was not selected for the next round of the Income Tax Department's PAN 2.0 project.
- Stock Drop
- 20%
- Date of Drop
- May 19, 2025
- 52-week low
- Rs 930
- 52-week high
- Rs 2,255
- Market Cap
- Rs 4,635.87
- Previous Close
- Rs 1,428.90
- Sale by Standard Chartered
- August 2024
- Standard Chartered Stake Sold
- 3.09%