Protean eGov Shares Decline 20% After Missing PAN 2.0 Project Shortlist

Protean eGov Shares Decline 20% After Missing PAN 2.0 Project Shortlist

On Monday, May 19, 2025, shares of Protean eGov Technologies declined sharply by 20%, hitting the lower circuit, after the company notified stock exchanges that it was not shortlisted for the next round of the RFP (Request for Proposal) selection process issued by the Income Tax Department for the PAN 2.0 project.

The lowest price of Protean eGov Technologies stock in the last 52 weeks is Rs. 930, while the highest in 52 weeks stands at Rs. 2,255. The market capitalisation of the company is Rs. 4,635.87.

On the NSE, the stock started the session at Rs. 1,165, compared to the previous close of Rs. 1,428.90. After opening, the price fell further to Rs. 1,143.20.

As per the exchange filing, the Income Tax Department issued a Request for Proposal (RFP) inviting bids to select a Managed Service Provider (MSP) for the design, development, implementation, operations, and maintenance of its PAN 2.0 project.

However, Protean eGov Technologies stated that the PAN 2.0 project will have “limited or minimal impact” on its current PAN processing and issuance services. Previously, Standard Chartered Bank sold its 3.09% stake for Rs. 225 crore by an open market transaction in August 2024, exiting Protean eGov Technologies.