Protein EGOV Technologies Share 20% Dipped After Downgrade Between Pan 2.0 Project Withdrawal

MUMBAI: Shares of digital public infrastructure company Protein EGOV Technologies, 20% – the lowest commercial limit on Monday – were submerged, as analysts said the company said that the company was no longer in dispute for the government’s PAN 2.0 project.

Brokerage Equirus Securities reduced its rating on stock and price targets on March 2026, indicating a further loss of 21% from the closure of 1,143.2D of Lar on Monday.

“This is a negative because PAN services contribute 50% of the company’s income,” the client’s note said. “When the impact of FY 26 can be muted, we expect a 75-100% collapse in this income flow over the next 2-3 years.”

As of March 31, Canara Bank, PNB, SBI, Axis Bank and Bank BAR F F Baroda owned 13.17% in Pay FIRM, which is fully owned by public shareholders. Investor Ramesh Dama’s company recorded 1.05%.

“Protein gets about 45-50% of its income from Pan Position, so losing the PAN 2.0 contract can hesitate until it secures new projects,” said Manish Chowdhury, a research head of Stokesbox. “There is also talk of prices improvement for its NPS project in FY 27, which, if the material is made, can hurt the profit.”