As per data available, Massachusetts Institute of Technology, sold 4.02 lakh shares of the company on Tuesday via deals. The number of shares sold amount to 0.99% of the total outstanding equity of the company.
The shares were sold at an average price of ₹1,026 per share, which is lower than the levels at which the stock closed on Tuesday.
MIT’s name does not feature in the March quarter shareholding pattern of Protean eGov Technologies, as they may have been owning less than 1% stake.
On Sunday, Protean eGov Technologies had informed the exchanges that the company had participated in the Income Tax Department’s proposal, seeking bids for a Managed Service Provider (MSP) to design, development, implement, operate and maintain its PAN 2.0 project. However, the company was not considered for the next round of the selection process by the I-T department.
This led to the stock collapsing 20% on Monday, followed by another 8% on Tuesday. In an analyst call on Monday, the management said that there will be no immediate impact on the business due to this decision, and that they are involved in the processing and distribution of services, which the PAN 2.0 project is not related to.
Protean eGov has some high-profile shareholders, including market veteran Ramesh Damani, who has long advocated for digital public infra companies as some of his top bets for the future. Damani has a 1.05% stake at the end of the March quarter.
Major PSU banks like SBI, PNB, Canara Bank, Bank of Baroda, along with private lender Axis Bank also own stake in Protean.
Shares of Protean eGov Technologies ended 8.3% lower on Tuesday at ₹1,048. The stock is down 31% from its 52-week high and most of that fall has come during the last two trading sessions. The stock still trades above its IPO price of ₹792.
