✅ At a Glance
| 📊 Metric | Value |
|---|
| 🔻 Stock Crash | -20% (₹1,143.05) |
| 📅 Crash Date | 19 May 2025 |
| 🧾 Reason | Missed PAN 2.0 Tender |
| 🧷 FY24 PAN Revenue | ~61% of total |
| 🧮 YTD Performance | -41% |
| 🏷 CMP (19 May) | ₹1,143.05 |
| 📉 Target Downgrade | ₹1,730 → ₹900 (Equirus) |
This wasn’t just a project miss. It was Protean’s main income pipeline. The stock reacted accordingly — by short-circuiting into oblivion.
🧠 What is Protean eGov?
You probably know it by its ex-name: NSDL e-Gov Infrastructure.
It’s the OG fintech before fintech was sexy. They built and manage:
- PAN Card system
- National Pension System (NPS infra)
- e-KYC infra
- CRA for Atal Pension, etc.
Basically, India’s bureaucratic plumbing engineer. 🪠
💣 So What Happened?
🚫 Lost the PAN 2.0 Tender
- The Income Tax Department launched
