Protean eGov Tech shares crash, hit 20% lower circuit on THIS crucial update; all you need to know

In its exchange filing, the company said that the Income Tax Department (ITD) has not shortlisted the company for PAN 2.0 project.

Protean eGov Technologies said that the Income Tax Department had issued a Notice for 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 had participated in the RFP bid proposal for the aforesaid project; however, they have not been considered favourably for the project, the filing said.

Protean eGov Technologies focuses on developing digital public infrastructure (DPI) and e-governance initiatives for various governmental bodies in India.

Incorporated in December 1995, Protean eGov Technologies Limited was previously known as NSDL e-Governance Infrastructure Limited.

Protean eGov Technologies has played a key role in developing the national infrastructure for capital market development in India. The company has developed and implemented some of the most crucial technological infrastructure in India.

Since December 2022, the company has implemented and managed around 19 projects spread across several ministries, as per available information. Key amongst them are modernising the direct tax infrastructure through the introduction of projects like PAN issuance. The company has enabled the universal social security system for all Indians, in particular for workers in the unorganised sector, by creating technology infrastructure as a CRA for the Atal Pension Yojana, reports say.

Shares of the company were locked in at ₹1,143.0 apiece on the BSE.