Protean eGov share price hits 20% lower circuit after govt rejects application for PAN 2.0 project

Protean eGov Technologies share price hit a 20 per cent lower circuit on Monday, May 19, following the company's announcement over the weekend that it was not shortlisted for the next phase of the PAN 2.0 project RFP selection by the Income Tax Department.

At 9:15 am, Protean eGov share price opened at ₹1,143.2 apiece on May 19, against previous close at ₹1,428.90 on Friday last week.

Income Tax notice

In an exchange filing on Sunday, Protean disclosed that the Income Tax Department had released a notice seeking proposals and bids to select a Managed Service Provider (MSP) for the design, development, implementation, operation, and maintenance of its PAN 2.0 project.

The filing further stated that the company had submitted a bid in response to the RFP (Request for Proposals) for the mentioned project.

"In our understanding, this is a project for technology revamp which includes design, development and other aspects of PAN systems at the income tax department and at present, it appears to have limited or minimal impact on our ongoing PAN processing issuance services under the existing mandate with the Income Tax Department," the company statement said.

Seasoned investor Ramesh Damani is listed as a public shareholder in Protean eGov Technologies, holding a 1.05% stake as of the March quarter. Ajay Aggarwal also holds a 1.12% stake in the company.

The institutional shareholders comprise Canara Bank with a 1.23 per cent stake, Bank of Baroda holding 1.54 per cent, Punjab National Bank owning 2.25 per cent, Axis Bank with 3.18 per cent, and State Bank of India holding the largest share at 4.93 per cent.

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