Protean eGov Tech shares slide another 14%; stock drops 30% in 2 sessions

Shares of Protean eGov Technologies fell another 14 per cent on Tuesday, extending the previous day's 20 per cent decline, after its bid for the PAN 2.0 project was rejected.
Protean eGov Technologies' stock fell as much as 14.18 per cent during the day to ₹981 per share, the lowest level since June 2024. This compares to a 0.18 per cent advance in BSE Sensex as of 10:00 AM.
Shares of the company were locked in a 20 per cent lower circuit on Monday and have fallen 30 per cent in the last two sessions. The scrip has fallen 46 per cent this year, compared to a 4.8 per cent fall in the benchmark BSE Sensex. Protean eGov has a total market capitalisation of ₹4,242.56 crore. Track LIVE stock market updates here
Protean eGov: Key trigger for stock rout
In a filing with the stock exchange on Sunday, the company disclosed that it was not selected by the Income Tax Department to proceed to the next stage of the Request for Proposals (RFP) process for the PAN 2.0 Project.
Protean eGov had submitted a proposal in response to the Income Tax Department's RFP for appointing a managed service provider (MSP) to handle the design, development, rollout, operations and upkeep of the PAN 2.0 project. The company noted that, at present, this development is expected to have minimal or no significant effect on its current PAN processing and issuance operations under the existing agreement with the department.
Protean eGov: Analysts rating
Equirius Securities on Monday downgraded the stock to 'sell' with a target price of ₹900 per share. Meanwhile, out of the six analysts tracking the company, four have a 'buy' rating, one suggests 'hold', and another has a 'sell' call on the stock, according to Bloomberg data.
About Protean eGov
It offers a wide range of services, including e-taxation, digital identity management, online payments, and data management for government entities. Protean is involved in building secure, scalable digital infrastructures that streamline government operations and improve citizen engagement.
The company also collaborates with both public and private sectors to implement large-scale digital platforms and solutions aimed at transparency and efficiency. Its initiatives support various sectors such as education, healthcare, and welfare, contributing significantly to India's digital transformation.
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