Protean eGov Tech shares tumble again; stock falls 14% in early trade on PAN 2.0 project setback

In the opening deals, the stock tanked as much as 14.12% to ₹981.55 on the BSE. The stock witnessed a spurt in volume by more than 3.74 times on the BSE in the early trade. At the time of writing this article, the total traded quantity (TTQ) on the BSE stood at 4.63 lakhs against the two-week average quantity of 0.92 lakhs.

Shares of the company came under selling pressure after the company on Sunday, May 18, informed stock exchanges that it had lost the bid proposal for the PAN 2.0 project.

In an exchange filing, the company said it has not qualified for the selection round of the PAN 2.0 project of the Income Tax Department (ITD).

The tax department issued a notice for a Request for Proposals (RFP) inviting bids for the selection of a Managed Service Provider (MSP) for the design, development, implementation, operations, and maintenance of its PAN 2.0 Project. The company participated in the RFP bid proposal for the aforesaid 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," the company said in the filing.

It further said that, in its understanding, this is a project for a technology revamp which includes the design, development, implementation, operations and maintenance of PAN systems at ITD, and at present, it appears to have limited or minimal impact on its ongoing PAN processing and issuance services under the existing mandate with the ITD.

Protean eGov Technologies provides IT services, offering citizen services, e-governance solutions, system integration, business process re-engineering, data centre co-location, and IT consulting services for citizens, corporates and the government.

Q4 FY25 Results

The company is slated to announce its financial results on Wednesday, May 21. Besides, the company added that the Q4 FY25 and FY25 earnings conference call is scheduled for Thursday, May 22, 2025, at 4:00 P.M. (IST) to discuss the company’s operational and financial performance.