ā At a Glance
| Metric | Value |
|---|---|
| š§¾ CMP (May 20, 2025) | ā¹1,079 (approx) |
| š Drop Since PAN 2.0 Loss | -26% in 2 days |
| š» Market Cap Loss | ā¹1,600+ Cr evaporated |
| š„ Trigger | Loss of PAN 2.0 project |
| š§ Street Mood | PAN-ic š± |
Protean didnāt just lose a contract ā it lost investor confidence, narrative, and its cool tech-for-governance shine. And now itās leaking red faster than its download dashboard.
š§¬ Background Recap
- Protean (formerly NSDL e-Governance) is Indiaās OG backend for PAN, NPS, Aadhaar validation, and KYC infra.
- It monetised government workflows, not users ā and made money in silence.
- But when the PAN 2.0 tender went to someone else, the silence turned into screams.
š§¾ Why The Stock Keeps Crashing
ā 1. PAN Revenue = 60%+
The PAN service vertical was its main bread,
butter, and blender.
Losing PAN 2.0 isnāt just about future growth ā itās about base business stability.
š 2. No Revenue Visibility
They havenāt clarified:
- Will existing PAN services be phased out?
- Will the new vendor take over all ops?
- Will they pivot into other govt workflows?
So investors are assuming the worst ā and exiting.
š» 3. Downgrade Cycle
- Equirus slashed target from ā¹1,730 to ā¹900
- Others are calling it a ānarrative breakā, not just a result blip
- FII interest was already weak ā now itās evaporating
š§± 4. Valuation Was Narrative-Based
IPO
To Read Full 16 Point ArticleBecome a member