Protean eGov Technologies Shares Extend Two-Day Rout –Check Reasons Behind The Free Fall Of Stocks

New Delhi: Shares of Protean eGov Technologies Ltd persevered to say no for the second one consecutive consultation in Tuesday’s industry. This has prolonged their two-day rout to just about 30%. After plunging 20% on Monday, the inventory dropped every other 13% in early industry.

Reasons Behind Protean Stocks Freefall

Protean’s inventory fell after the Income Tax division became down the corporate’s bid for the controlled carrier supplier (MSP) contract beneath the PAN 2.0 venture. The venture contains design, building, operations and upkeep of the PAN gadget, a trade house through which Protean has lengthy been a significant participant.

“We were informed by the Income Tax department that we have not been considered favourably for the next round of RFP (Request for Proposals) selection process. Any further update/development in this regard shall be informed in due course,” Protean mentioned.

Protean attempted to reassure buyers, declaring that the advance would have “limited or minimal impact on our ongoing PAN processing and issuance services under the existing mandate with the tax dept.”

Protean eGov Technologies Limited is an Indian generation corporate that specialises in growing virtual public infrastructure and e-governance projects for more than a few governmental entities in India.

Meanwhile, inventory Exchange has sought rationalization from Protean eGov Technologies Ltd on May 20, 2025, as regards to information seemed in regards to the corporate’s stocks plunge, for which the answer is awaited.