Protean eGov shares tumble 20% to hit lower circuit limit on PAN 2.0 project setback

New Delhi: Shares of Protean eGov Technologies tanked 20 per cent to hit the lower circuit limit on Monday after the firm lost the bid proposal for the PAN 2.0 project.

The stock tumbled 20 per cent to Rs 1,143.05 -- its lower circuit limit -- on the BSE. At the NSE, shares of the firm cracked 19.99 per cent to hit the lower circuit limit of Rs 1,143.20.

In traded volume terms, 3.57 lakh shares of the firm were traded at the BSE and 13.99 lakh shares on the NSE during the day.

In an exchange filing on Sunday, the company said it has not qualified for the selection round of the PAN 2.0 project of the Income Tax Department (ITD).

The tax department issued a notice for Request for Proposals (RFP) inviting bids for selection of Managed Service Provider (MSP) for design, development, implementation, operations and maintenance of its PAN 2.0 Project. The company participated in the RFP bid proposal for the aforesaid project.

"We were informed by the Income Tax Department (ITD) that we have not been considered favourably for the next round of RFP selection process," the company said in the filing.

It further said that in our understanding this is a project for technology revamp which includes design, development, implementation, operations and maintenance of PAN systems at ITD and at present, it appears to have limited or minimal impact on our ongoing PAN processing and issuance services under the existing mandate with the ITD.

Protean eGov Technologies provides IT services, offering citizen services, e-governance solutions, system integration, business process re-engineering, data centre co-location, and IT consulting services for citizens, corporates and the government.