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Protean eGov Technologies Ltd focuses on building digital public infrastructure and e-governance initiatives for various government bodies in India.
Protean eGov shares tank 20% on Monday.
Protean eGov Technologies Share Price: Protean eGov Technologies Ltd’s shares tanked 20 per cent on Monday in the morning session to hit the lower circuit at Rs 1143.05 apiece. Trading in shares halted following the sharp drop after the IT-enabled company informed that it is “not been considered favourably for the next round of RFP selection process,” for a technology revamp project of PAN systems.
The scrip opened at Rs 1119 per share, against the previous close at Rs 1428.80 apiece.
What’s The Development?
Protean eGov Technologies Ltd explained in the filing that The Income Tax Department (ITD) has 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 has participated in the RFP bid proposal for the aforesaid project,” it added.
The company said “In our understanding this is a project for Technology revamp which include 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.”
We were informed by the Income Tax Department (ITD) that we have not been considered favourably for the next round of RFP selection process, it added in the filing.
Incorporated in 1996, Protean eGov Technologies Ltd focuses on building digital public infrastructure and e-governance initiatives for various government bodies in India.
Protean eGov Technologies Ltd brought its IPO in November 2023 to raise about Rs 490.33 crore.
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