Archive · 20 May 2025
Protean eGov Shares Plunge After Losing IT Department Contract
Protean eGov, a company, saw its stock price drop significantly.
This was because the Income Tax Department didn't pick them for a big project called PAN 2.0.
This project was about updating how the government handles Permanent Account Numbers.
Even though the company said its current services wouldn't be affected much, investors were worried, and the stock price fell.
Major banks have invested in the company.
Protean eGov Technologies shares plummeted over 30% in two trading sessions.
The decline followed the Income Tax Department not selecting the company for the PAN 2.0 project.
The PAN 2.0 project involved designing, developing, and maintaining the PAN systems.
The company stated it would have limited impact on its ongoing PAN services.
Institutional investors include major state-run banks.
- Who
- Protean eGov Technologies, Income Tax Department, and investors
- What
- Protean eGov Technologies shares experienced a sharp decline.
- When
- Over two trading sessions, starting with Monday's drop.
- Where
- N/A
- Why
- Due to not being selected for the PAN 2.0 project.
Company Performance
Market Reaction
Share Price Impact
Company Performance
Investors are reacting negatively to the loss of a major contract, resulting in a significant drop in share value.
Market Reaction
N/A
- Company
- Protean eGov Technologies
- Ramesh Damani Stake
- 1.05%
- Institutional Investors
- SBI (4.93%), Axis Bank (3.18%), PNB (2.25%), Bank of Baroda (1.54%), and Canara Bank (1.23%)
- Contract Issuer
- Income Tax Department (ITD)
- Potential 52-week low
- Rs 930
Sources
Protean eGov Technologies shares crash 20% after not being selected for PAN 2.0 project of Income Tax Department
Protean misses PAN 2.0 project, shares slide
BHEL, Hyundai & more: Top stocks on brokers' radar for May 20
Explained: Why Protean eGov shares are in free fall
