Ramesh Damani-owned Protean shares crash 20%. Here’s what went wrong in the weekend
Shares of Protean eGov Technologies crashed 20% to hit the lower circuit limit of Rs 1,143 on BSE after the company was not selected by the Income Tax Department (ITD) for its technology revamp project. The project includes the design, development, implementation, operations, and maintenance of PAN systems.
“We were informed by the Income Tax Department (ITD) that we have not been considered favourably for the next round of the RFP selection process,” Protean said in a regulatory filing on Sunday.
The company noted that the project pertains to a technology revamp of PAN systems at the Income Tax Department. “It appears to have limited or minimal impact on our ongoing PAN processing and issuance services under the existing mandate…
