New Delhi, May 19 – Shares of Protean eGov Technologies plummeted by 20 percent on Monday, hitting the lower circuit limit, after the company failed to qualify for the Income Tax Department’s high-profile 'PAN 2.0' project.
As per agency report, the stock dropped to ₹1,143.05 on the BSE, marking a full 20 percent decline. On the NSE, the shares fell 19.99 percent to close at ₹1,143.20. The sharp fall was triggered by the company’s announcement on Sunday that it did not qualify in the selection round for the PAN 2.0 project bid.
Trading volumes reflected the market's reaction, with 3.57 lakh shares changing hands on the BSE and 13.99 lakh shares on the NSE.
The PAN 2.0 project is seen as a significant opportunity in the government’s digital infrastructure initiatives. Protean’s exclusion from the bid has led to investor concerns over potential revenue loss and future growth prospects.
