Protean eGov Technologies shares crash 20% after not being selected for PAN 2.0 project of Income Tax Department
Protean share price crash: Protean eGov Technologies‘ stock plummeted 20% to reach its lower circuit of Rs 1,143 on NSE following the Income Tax Department‘s decision not to select the company for its PAN systems modernisation project. The scope of work encompassed designing, developing, implementing, operating and maintaining PAN systems under the PAN 2.0 project.“We were informed by the Income Tax Department (ITD) that we have not been considered favourably for the next round of the RFP selection process,” Protean said in a regulatory filing on Sunday.The organisation clarified that whilst the project involved upgrading PAN systems technology at the Income Tax Department, it stated, “It appears to have limited or minimal impact on our ongoing PAN processing and issuance services under the existing mandate with the ITD.”Protean eServices participated in the competitive bidding process to become a Managed Service Provider (MSP) for the PAN 2.0 Project.The stock’s recent decline has wiped out its yearly gains. The Protean stock is now down over 4% over the previous 12 months. Notable investor Ramesh Damani maintained a 1.05% ownership position in the company during the March quarter.The company’s institutional investors comprise several major banks, including Canara Bank (1.23%), Bank of Baroda (1.54%), Punjab National Bank (2.25%), Axis Bank (3.18%), and State Bank of India (4.93%), according to an ET report.Trendlyne’s analysis indicates that the stock has received four ‘buy’ ratings from analysts, with a consensus target price of Rs 2,104, suggesting a potential upside of 47%.
