Protean share price crash: Protean eGov Technologies shares plunged another 13% on Tuesday morning, following Monday’s 20% drop. The significant decrease came after the Income Tax Department did not select the company, in which notable investor Ramesh Damani holds stakes, for their PAN 2.0 systems technology upgrade project.The company’s shares have crashed by more than 30% over two trading sessions. With continued downward pressure, the stock could potentially reach its 52-week low of Rs 930, according to an ET report. During the opening trading session, the shares were valued at approximately Rs 995.At 11:24 AM, shares of Protean eGov Technologies were trading at Rs 1,073.20, down Rs 70 or 6.12%.The company disclosed through a regulatory filing on Sunday that the Income Tax Department had not selected them for the next phase of the RFP selection procedure.The filing detailed that the project encompassed “Design, Development, Implementation, Operations, and Maintenance of PAN systems at the Income Tax department”. The company stated, “It appears to have limited or minimal impact on our ongoing PAN processing and issuance services under the existing mandate with the ITD.”Protean submitted a proposal to be considered as a Managed Service Provider (MSP) for the design, implementation, operation and maintenance responsibilities of their PAN 2.0 Project.The share price has declined, erasing its previous year’s positive performance, resulting in a 15% decrease over the past 12 months. Notable investor Ramesh Damani maintained a 1.05% ownership position in the organisation as of March quarter’s end.The company’s institutional shareholders comprise several major banks: Canara Bank (1.23%), Bank of Baroda (1.54%), Punjab National Bank (2.25%), Axis Bank (3.18%), and State Bank of India (4.93%).
