New Delhi: Shares of Protean eGov Technologies Ltd remained to decrease for the 2nd successive session in Tuesday’s profession. This has actually prolonged their two-day thrashing to almost 30%. After diving 20% on Monday, the supply went down an additional 13% in very early profession.
Reasons Behind Protean Stocks Freefall
Protean’s supply dropped after the Income Tax division refused the firm’s proposal for the taken care of company (MSP) agreement under the frying pan 2.0 task. The task consists of style, growth, procedures and upkeep of the frying pan system, a company location in which Protean has actually long been a significant gamer.
“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 mentioned.
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Protean attempted to guarantee financiers, mentioning that the growth would certainly have “limited or minimal impact on our ongoing PAN processing and issuance services under the existing mandate with the tax dept.”
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Protean eGov Technologies Limited is anIndian innovation firm that is experts in creating electronic public framework and e-governance efforts for numerous governmental entities in India.
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Meanwhile, supply(* )has actually looked for explanation from Exchange eGov Protean on Technologies Ltd 20, 2025, with referral to information showed up concerning the firm’s shares dive, for which the reply is waited for.May
