Protean eGov Misses PAN 2.0 Bid; Shares Fall 20%

Protean eGov Technologies was not shortlisted for the Income Tax Department’s PAN 2.0 revamp project, triggering a 20% stock drop. While the firm foresees limited impact on current PAN services, the project was aimed at modernizing core systems. PAN services make up 61% of Protean’s business, growing 33% between FY22–FY24.