Protean eGov Tech Shares Down 20% – Know Key Details

Protean eGov Technologies Ltd shares fell by 20% in today’s trading session after receiving the update from the Income Tax (I-T) department regarding the PAN 2.0 project. The stock hit its lower price band of ₹1,143.05.

“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 eGov stated.

“In our understanding this is a project for Technology revamp which include Design, Development, Implementation, Operations and Maintenance of PAN systems at I-T department 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 tax dept,” it added.

Previously, the company participated in the RFP bid proposal for the aforesaid project. The I-T department had issued a RFP inviting bids for selection of managed service provider (MSP) for its PAN 2.0 project.

Currently, the shares are trading below the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The 14-day relative strength index (RSI) came at 33.45.

The scrip has a price-to-earnings (P/E) ratio of 49.50 against a price-to-book (P/B) value of 4.85., BSE reported. Earnings per share (EPS) came at 23.09 with a return on equity (RoE) of 9.79.

The stock reported high trading volume on BSE. Close to around 1.51 lakh shares changed hands.

As of 11:57 am, Protean eGov Technologies Ltd shares were trading at ₹1,143.20, down 19.99%.