Protean eGov Applied sciences Shares Lengthen Two-Day Rout –Verify Causes Behind The Free Fall Of Shares | Economic system Information

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

Causes Behind Protean Shares Freefall

Protean’s inventory fell after the Revenue Tax division turned down the corporate’s bid for the managed service supplier (MSP) contract beneath the PAN 2.0 challenge. The challenge contains design, improvement, operations and upkeep of the PAN system, a enterprise space through which Protean has lengthy been a significant participant.

“We have been knowledgeable by the Revenue Tax division that we have now not been thought of favourably for the following spherical of RFP (Request for Proposals) choice course of. Any additional replace/improvement on this regard shall be told in the end,” Protean acknowledged.

Protean tried to reassure traders, stating that the event would have “restricted or minimal impression on our ongoing PAN processing and issuance providers beneath the present mandate with the tax dept.”

Protean eGov Applied sciences Restricted is an Indian know-how firm that specialises in creating digital public infrastructure and e-governance initiatives for numerous governmental entities in India.

In the meantime, inventory Trade has sought clarification from Protean eGov Applied sciences Ltd on Could 20, 2025, just about information appeared concerning the corporate’s shares plunge, for which the reply is awaited.